This Act provides for the establishment of the Ceylon Petroleum Corporation and for its powers and dutiesDuties of the Corporation shall include: carrying on business as an importer, exporter, seller, supplier or distributor of petroleum; and exploring, exploiting and producing petroleum. Provisions for the financing of the Corporation are outlined in the Act. To carry out the purposes of its business the Corporation may provide for the acquisition, requisition and use of any movable or immovable property. The Act shall also establish a Compensation Tribunal which shall determine the amount of the compensation payable in respect of any property vested in or requisitioned for the Corporation. Other provisions of this Act shall include: fixing prices and prescribing conditions of sale of petroleum; regulation making powers of the Minister; and offences and penalties.
Amended by: Petroleum Resources Act (No. 26 of 2003). (2003-09-09)
Authors and Publishers
Commonwealth Legal Information Institute (CommonLII)
The Commonwealth Legal Information Institute (CommonLII) aims to provide one central Internet location from which it is possible to search - for free - core legal information from all Commonwealth countries. CommonLII will provide a common technical platform through which all Commonwealth countries can cooperatively provide access to their laws. CommonLII will assist the development of a genuinely international common law. It will support the rule of law throughout the Commonwealth, by making each country's legal system more transparent.
Data provider
FAO Legal Office (FAOLEX)
The FAO Legal Office provides in-house counsel in accordance with the Basic Texts of the Organization, gives legal advisory services to FAO members, assists in the formulation of