50.
| (1) The Minister may, subject to the provisions of sub-section (2) and sub-section (3), by Order published in the Gazette, transfer to the Board-
| | (a) any movable or immovable property of the Crown required for the purposes of the Board, and | | |
| | (b) any contracts and liabilities of the Crown connected with such purposes. | | |
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| (2) No movable property, and no contract or liability, of the Crown shall be transferred to the Board under sub-section (1) without the concurrence of the Minister of Finance. |
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| (3) No immovable property of the Crown shall be transferred to the Board under sub-section (1) without the concurrence of the Minister of Finance and the Minister to whom the subject of Crown lands is for the time being assigned. |
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| (4) Upon the publication of an Order under subsection (1) in the Gazette-
| | (a) the properties specified in that Order shall vest in and be the properties of the Board; | | |
| | (b) the contracts specified in that Order shall be deemed to be the contracts of the Board and all subsisting rights and obligations of the Crown under such contracts shall be deemed to be the rights and obligations of the Board; and | | |
| | (c) the liabilities specified in that Order shall be deemed to be the liabilities of the Board. | | |
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Sri Lanka Consolidated Acts