2.
| (1) Where the President is of opinion that in any privatised public enterprise there is, or is likely to be, -
| | (a) a cessation of or a substantial reduction in the work of any of the units constituting the business undertaking of such enterprise ; and | | |
| | (b) non-employment or retrenchment of the workers of such enterprise or of a substantial number of such workers or, the non-payment of wages or statutory dues of, such workers or of a substantial number of such workers, | | |
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| (2) An Order made under subsection (1) in respect of a privatised public enterprise shall have the effect of authorizing the Competent Authority appointed to manage and administer the affairs of such enterprise to take possession and control of all immovable and movable property and the assets of such enterprise and to use such property for the purposes of such enterprise. |
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| (3) Every Order made under subsection (1) shall be laid before Parliament within four months of the date specified in such Order and if Parliament is not in session within fifty days of the commencement of the session next ensuing, by a motion that such Order be approved. |
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| (4) Where -
| | (a) Parliament refuses, within the period referred to in subsection (3) to approve an Order made under subsection (1); | | |
| | (b) an Order made under subsection (1) is laid before Parliament within the period referred to in subsection (3) but is not approved by Parliament within a period of four months calculated from the expiration of the period referred to in subsection (3); | | |
| | (c) an Order made under subsection (1) is not laid before Parliament within the period referred to in subsection (3). | | |
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| (5) Where an Order made under subsection (1) is deemed to have been revoked by reason of the operation of the provisions of subsection (4), the rights and liabilities of the privatised public enterprise in respect of which such Order was made shall be deemed not to have vested in the Government and the Competent Authority appointed to manage and administer the affairs of such privatised public enterprise shall forthwith hand over the management of such enterprise to the Chairman of the Board of Directors of such enterprise or to a person authorised by such Chairman. The Competent Authority shall cause an inventory to be prepared of the immovable property, plant, machinery and stock in trade of such enterprise at the time of such handing over. |
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Sri Lanka Consolidated Acts