50.
| (1) There shall be a monitoring and Advisory Committee for the purpose of this Chapter. |
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| (2) The Monitoring and Advisory Committee shall consist of -
| | (a) the Deputy Secretary nominated by the Secretary to the Treasury ; | | |
| | (b) an Additional Secretary to the Ministry of the Ministry nominated by the secretary to the Ministry of the Minister ; | | |
| | (c) a representative each from -
| | | (i) the Ceylon Chamber of Commerce nominated by the Chamber ; and |
| (ii) the Institute of Chartered Accountants of Sri Lanka, nominated by that Institute ; |
| (iii) the Institution of Engineers of Sri Lanka, nominated by that Institution ; and |
| (iv) the domestic consumer group nominated by the Minister in charge of the subject of Trade ; and |
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| | (d) two persons appointed by the Minister, from amongst persons employed in the private sector who have experience in business and management and who do not have relevant interest. | | |
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| (3) Regulations may be made in respect of -
| | (a) the procedure for the conduct of business of meeting of the Monitoring and Advisory Committee ; | | |
| | (b) the funding of the Committee. | | |
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| (4) The functions of the Monitoring and Advisory Committee shall be -
| | (a) to make recommendation to the Minister, on the appointment and removal of the directors of every successor company ; | | |
| | (b) to review the statement of corporate intent submitted to the Minister by each such company, and recommend to the Minister, amendment, if any, to such statement ; | | |
| | (c) to monitor the actual financial and operational performance of each such company for each financial year ( as reflected in the reports published by the company for that year ) against the targets specified by that company in its statement of corporate intent, and make appropriate recommendation to the Minister ; | | |
| | (d) in the event of any such company failing to meet to objectives and targets specified in its statement of corporate intent, to advice the minister on the exercise of his or her powers, as a share holder, under the Companies Act, no. 17 of 1982 ; | | |
| | (e) to cause to be published in the Gazette, an annual report setting out the reasons for may advise and recommendations given by the Committee to the Minister in the year to which the report relates. | | |
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| (5) the Committee shall discharge its functions under subsection (4) in relation to a successor Company, only so long as the Government owns as least fifty per centum of the shares of that successor company. |
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Sri Lanka Consolidated Acts