Sri Lanka Consolidated Acts

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Sri Lanka Ports Authority Act (No. 51 of 1979) - Sect 23

Transfer of property held by the Colombo Port Commission and of the Port (Cargo) Corporation and the Port Tally and Protective Services Corporation to the Ports Authority

23.
(1) With effect from the appointed date, all property movable and immovable (including money) held by the Colombo Port Commission and all property, movable and immovable (including money in the funds) of the Port (Cargo) Corporation and the Port Tally and Protective Services Corporation, including all assets, powers, rights. interests and privileges of the Colombo Port Commission, the Port (Cargo) Corporation, and the Port Tally and Protective Services Corporation, subsisting on the day immediately preceding the appointed date shall be transferred to and shall vest in the Ports Authority.
(2) Upon such transfer, all debts, liabilities and obligations in connection with or appertaining the property referred to in subsection (1) of the Colombo Port Commission, the Port (Cargo) Corporation and the port Tally and Protective Services Corporation shall also be transferred to, and deemed to have been incurred the Ports Authority.

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