36. For the avoidance of doubts, it is declared that.
| (a) members of the Securities Council holding office immediately prior to the date of commencement of this Act shall be deemed to be members of the Securities and Exchange Commission of Sri Lanka and of the appointed members of such Securities Council holding office on that day"
| | (i) two members selected by the Minister shall, notwithstanding anything in section 4, hold office for a period of four years from the date of their appointment as members of the Council; and | | |
| | (ii) two members selected by the Minister shall, notwithstanding anything in section 4, hold office for a period of five years from the date of their appointment as members of the Council; | | |
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| (b) every licence issued to any stock broker or stock dealer by the Securities Council and which is in force immediately prior to the date of commencement of this Act, shall be deemed to be a licence issued by the Securities and Exchange Commission of Sri Lanka ; |
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| (c) all rules end regulations made by the Securities Council and ate in force on the day immediately prior to the date- of commencement of this Act shall be deemed to be rules and regulations made by the Securities and .Exchange Commission of Sri Lanka : |
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| (d) all contracts, agreements and other instruments of the Security Council subsisting on the day immediately prior to the date of commencement of this Act, shall be doomed to be contracts, agreements or other instruments entered into by the Securities and Exchange Commission of Sri Lanka ; |
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| (e) all suits, actions, and other legal proceedings instituted by or against, the Securities Council and pending on the day, immediately prior to the date of commencement of this Act, shall be deemed to be suits, actions and other legal proceedings instituted by or against the Securities and Exchange Commission of Sri Lanka. |
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Sri Lanka Consolidated Acts