5.
| (1) The President shall appoint, for the purposes of this Act, a compensation tribunal consisting of the Chief Value and two other persons who appear to the President to have wide experience and shown capacity in the valuation of property. |
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| (2) The share holders of a privatised public enterprise on the day immediately preceding the date on which the shares in such enterprise were vested in the Secretary to the Treasury under section 4 shall be entitled to reasonable compensation in respect of such vesting. |
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| (3) Where an Order made under subsection (1) of section 2 is deemed to have been revoked by reason of the operation of the provisions of subsection (3) of that section, the privatised public enterprise in respect of which such Order was made shall be entitled to compensation for any loss of profits during the period commencing on the date of such Order and ending on the date on which such Order is deemed to have been revoked. |
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| (4) The Minister in charge of the subject of Finance may make regulations with regard to the manner of assessment of compensation payable to share-holders entitled to compensation under subsection (2) and to privatised public enterprises entitled to compensation under subsection (3) and the mode and manner in which such compensation shall be paid. |
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| (5) All claims to compensation under this Act shall be made to the compensation tribunal appointed under subsection (1) and such tribunal shall make its award on every such claim within six months of the date on which such claim is received by such tribunal. |
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| (6) Any person who is aggrieved by the award made by the compensation tribunal may appeal against such award to the Court of Appeal on a question of law within fourteen days from the date on which the award was communicated to such person, with the leave of the Court of Appeal first had and obtained. The provisions of the Civil Procedure Code relating to appeals to the Court of Appeal from orders of District courts shall, mutatis mutandis, apply to the making and hearing of appeals under this section. |
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| (7) All sums awarded as compensation under this Act shall be charged on the Consolidated Fund- |
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Sri Lanka Consolidated Acts