3.
| (1) Where the management and control of a privatised public enterprise is vested in the Government, by an Order made under section 2 the President shall appoint a Competent Authority to manage and administer the affairs of that enterprise. |
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| (2) A Competent Authority appointed under subsection (1) to manage and administer the affairs of a privatised public enterprise shall take possession of the property of that enterprise, and shall cause an inventory to be prepared, in the presence of the Chairman of the Board of Directors of such enterprise, or any agent duly authorised by him, if such person if available, of the immovable property, plant, machinery and stock in trade of such enterprise, at the time of such taking over. |
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| (3) The Competent Authority in the discharge of his functions and the exercise of his powers under this Act, shall be subject to such general and special directions as the President may from time to time issue, having regard to the need to safeguard, and secure recognition of, the rights of the workers of that enterprise. |
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| (4) Where the Competent Authority takes over the management and administration of the affairs of a privatised public enterprise, the Competent Authority shall-
| | (a) exercise, perform and discharge with respect to such enterprise, all the powers, duties and functions conferred or imposed on, or assigned to , the Board of Directors of such enterprise by or under any written law or by the articles of association of such enterprise; | | |
| | (b) recommence any business activities of such enterprise which have ceased to function ; | | |
| | (c) restructure such enterprise so as to enhance its commercial viability; | | |
| | (d) infuse the resources necessary to achieve the objectives referred to in paragraph (b) and paragraph (c); | | |
| | (e) ensure the maintenance of proper accounting systems in such enterprise; | | |
| | (f) secure the due payment of wages to the workers of such enterprise and due compliance by such enterprise, of all its statutory dues in relation to such workers ; | | |
| | (g) meet all costs and expenses incurred in the management and administration of the affairs of such enterprise ; | | |
| | (h) do such other acts as are necessary or incidental to give effect to the above. | | |
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| (5) During the period for which the management and administration of the affairs of a privatised public enterprise is taken over by the Competent Authority, it shall not be lawful for any director of the Board of Directors of such enterprise, unless expressly authorised to do so by the Competent Authority, to exercise, perform and discharge any powers, duties and functions with respect to such enterprise. |
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Sri Lanka Consolidated Acts