Sri Lanka Consolidated Acts

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Industrial Promotion Act (No. 46 of 1990) - Sect 32

Replacement of sections 18 to 26 of the Fair Trading Commission to 26 of the act No. 1 of 1987

32. Sections 18 to 26 of the Fair Trading Commission Act, No. 1 of 1987, are hereby repealed and the following section substituted therefor:
8.
(l) In this section, "specified article" means any article of food or any pharmaceutical product.
(2) If it appears to the Controller of Prices that there is, or there is likely to arise, any unreasonable increase in the price of any specified article or that the price at which it is being sold is excessive, he may request the Commission either
(a) to fix the maximum retail price above which such article shall not be sold or set out the price structure according to which such maximum price structure shall be fixed; or
(b) in case of a specified article in respect of which there is an Order under the provisions of this section for the time being in force fixing the maximum price above which such article shall not be sold or setting out the price structure according to which such maximum price may be fixed, to vary the maximum prices fixed or the price structure set out by such Order.
(3) A relevant agency may in respect of a specified article in respect of which there is an Order under subsection (4) for the time being in force request the Commission to vary the prices fixed or the price structure set out by such Order.
(4) If after examination of a request made under subsection (2) or subsection (3) the Commission is satisfied that such request is reasonable it shall
(a) in the case of a request made under paragraph (a) of subsection (2) by Order published in the Gazette fix the maximum retail prices above which the specified articles referred to in such request, shall not be sold or set out the price structure according to which such maximum prices shall be fixed ; or
(b) in the case of a request made under paragraph (b) of subsection (2) or subsection (3) vary the Order fixing the maximum retail prices above which the specified articles referred to in such request, shall not be sold or setting out the price structure according to which such maximum prices shall be fixed.
(5) The Minister may rescind or vary any Order made by the Commission under sub section (4).
(6) Where an Order is rescinded or varied by the Minister under subsection (5), notification of such rescision or variation shall be published in the Gazette and the Order made under subsection (4) shall be deemed to be rescinded or varied, as the case may be, with effect from the date of such publication but without prejudice to anything done or suffered thereunder or any right Obligation or liability acquired, accured or incurred thereunder.".

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