12.
| (1) The Minister may, by Order published in the Gazette declare as a "Special Economic Zone", any area of land as shall be described in the aforesaid Order, situated in any part of Sri Lanka, as shall be identified by the Authority in consultation with the Cabinet of Ministers other than any area which has been declared as "a licensed Zone" or "an export processing Zone" in terms of the provisions of the Board of Investment of Sri Lanka Law, No. 4 of 1978. |
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| (2) Where on a memorandum submitted by the Minister, the Cabinet of Ministers considers it necessary that a company be incorporated for the purpose of managing and developing an area declared as a Special Economic Zone under subsection (1), the Cabinet of Ministers may direct the Minister to submit in consultation with the Minister in charge of the subject of Finance, a Memorandum and Articles of Association to the Registrar of Companies and also direct such Registrar to register such company under the Companies Act, No. 17 of 1982. |
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| (3) Notwithstanding the provisions of the Companies Act, No. 17 of 1982, the Registrar shall, on receipt of a direction under subsection (1)-
| | (a) issue a certificate of incorporation under subsection (1) of section 15 in the Companies Act, No. 17 of 1982, in the name referred to in the direction issued under subsection (1) ; and | | |
| | (b) publish an Order in the Gazette declaring that a public company is incorporated in the name specified in the Order to manage an area declared as a Special Economic Zone in accordance with the Memorandum and Articles of Association of the company so incorporated. | | |
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| (4) The objects, powers and functions of the Company shall be as set out in the Schedule hereto. |
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Sri Lanka Consolidated Acts