Ceylon Petroleum Corporation Act (No. 28 of 1961). | Land Portal

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LEX-FAOC070520
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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)

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