49. The memorandum and articles of association of every successor company shall, notwithstanding anything to the contrary in any other law, contain provision -
| (a) for the appointment and removal of the directors of such company, by the Minister, only on the recommendation of the Monitoring and Advisory Committee appointed under section 50 ; |
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| (b) prohibition a person from being a director of more than one successor company ; |
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| (c) requiring -
| | (i) the board of directors of the company to submit for approval to the Minister, a statement of corporate intent, at least three months prior to the commencement of each financial year ; | | |
| | (ii) the statement of corporate intent to specify -
| | | (A) the commercial and other performance objectives and levels of the company ; and |
| (B) the financial targets (including rates of return ) required to be achieved by the company. During the next three financial years ; |
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| | (iii) the board of directors to incorporate any amendment to the statement of corporate intent as suggested by the Minister on the recommendation of the Monitoring and Advisory Committee ; | | |
| | (iv) the Minister on approval of the statement of corporate intent, to cause it to be published in the Gazette, at least fourteen days before the commencement of the financial year to which the statement relates ; | | |
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| (d) requiring the board of directors of the company to take all long term and financial decisions in compliance with the statement of corporate intent in force ; |
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| (e) prohibiting the board of directors of the company from amending the statement of corporate intent, except with the approval of the Minister ; and |
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| (f) prohibiting the board of directors of the company from acting in a manner that would result in the breach by the company, of the conditions of any licence granted or deemed to be granted to the company under this Act. |
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Sri Lanka Consolidated Acts