54.
| (1) On such date as the Minister may fix by notification published in the Gazette, the Board shall take over and carry on the business of-
| | (a) " The Industrial Development Board " ; and | | |
| | (b) " The Industrial Estates Corporation ", | | |
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| (2) Upon the taking over by the Board of the business of the Corporations set up under the State Industrial Corporations Act, No. 49 of 1957, and referred to in sub-section (1), the Board shall offer employment to every employee of each of the said Corporations upon terms and conditions not less favourable than those enjoyed by such employee before the taking over. |
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| (3) Regulations may be made in respect of all matters directly or indirectly arising out of the carrying out by the Board of its duties referred to in subsection (1) and sub-section (2). |
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Sri Lanka Consolidated Acts