| 40A
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| (1) The Minister may approve any commercial or industrial enterprise under (uu) of subsection (1) of section 40 having regard to -
| | | (a) the economic viability of such enterprises ; |
| (b) the benefits that may accrue to any Municipal Council and the public by the operation of such enterprise; |
| (c) the financial position of the Municipal Council engaging in such enterprise. |
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| (2) No sums of money appropriated to a Municipal Council by Parliament under paragraph (f) of subsection (2) of section 185 and no grants allocated to a Municipal Council by the Minister under paragraph (g) of subsection (2) of section 185 shall be utilized by such Council for the purposes of establishing or maintaining any commercial or industrial enterprise. | | |
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| (3)Where the Minister is of opinion that the continued operation of any commercial or industrial enterprise of any Municipal Council would be prejudicial to the interests of such Council by reason of mismanagement or that it is likely to involve financial loss to the Council he may, after consultation with the Council by proper published in the Gazette, terminate the operation of suck enterprises and direct the Council to take charge of all books records and assets of the enterprise and to take such measures as may be necessary to give effect to such Order. | | |
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| (4) The Minister may, from time to time, Municipal Council engaged in any commercial or industrial enterprise general or special directions as to the carrying on or transaction of its business and such directions shall be carried out by the Council. | | |
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| (5) The Minister may, from time to time, direct the Council in writing to furnish him in such form as he may require, returns, accounts and other information with respect to the business of such, enterprise, and the Council shall carry out every such direction.". | | |
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Sri Lanka Consolidated Acts