State Agricultural Corporations Act (No. 11 of 1972)

Sri Lanka Consolidated Acts

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State Agricultural Corporations Act (No. 11 of 1972) - Sect 2

Establishment of Corporations

(1) Where the Minister considers it necessary that a Corporation should be established for the purposes of the planning, promotion, co-ordination or development of any agricultural undertaking, the Minister may, with the concurrence of the Minister of Planning and the Minister of Finance, by Order (hereinafter referred to as the " Incorporation Order ") published in the Gazette,-

	(i) specify the agricultural undertaking to which the Order relates;

	(ii) declare that a Corporation shall be established for such purposes as may be deemed necessary;

	(iii) assign a corporate name to the Corporation and specify its objects;

	(iv) specify the initial capital of the Corporation;

	(V) State the principal business of the Corporation;

	(vi) fix the number of members of the Board of Directors of the Corporation, the number so fixed being not less than three and not more than seven;

	(vii) appoint the members of the Board in accordance with the provisions of this Act; and

	(viii) appoint the Chairman of such Board in accordance with such provisions.

(2) Upon the publication of the Incorporation Order in the Gazette, a Corporation (hereinafter referred to as the " Corporation ") consisting of the persons who are for the time being members thereof by virtue of section 9, with the corporate name specified in such Order, and with perpetual succession, shall be deemed to have been established.

(3) The Corporation may sue and be sued in its corporate name.

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