Sri Lanka Consolidated Acts

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National Aquaculture Development Authority Of Sri Lanka Act (No. 53 of 1998) - Sect 30

Transfer of property and contracts of State to the Authority

30.
(1) The Minister may, by Order published in the Gazette, transfer to the Authority-
(a) any movable or immovable property of the State required by the Authority for the discharge of its functions under this Act; and
(b) any contract or liability of the State connected with any of the functions of the Authority.
(2) No movable property, contract or liability of the State shall be transferred to the Authority under subsection (1) without the concurrence of the Minister in charge of the subject of Finance.
(3) No immovable property of the State shall be transferred to the Authority under subsection (1) without the concurrence of the Minister to whom the subject of State Lands has been assigned.
(4) Upon the publication of an Order under subsection (1) in the Gazette-
(a) the properties specified in such Order shall vest in, and be the properties of, the Authority ;
(b) the contracts specified in that Order shall be deemed to be the contracts of the Authority and all subsisting rights and obligations of the State under such contracts shall be deemed to be the rights and obligations of the Authority ;
(c) the liabilities specified in that Order shall be deemed to be the liabilities of the Authority,

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