Ceylon Petroleum Corporation Act (No. 28 of 1961).
Country
Type of law
Legislation
Date of original text
Date of latest amendment
Abstract
This Act provides for the establishment of the Ceylon Petroleum Corporation and for its powers and duties
Duties 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.
Duties 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.
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Long title of text
An Act to provide for the establishment of a corporation to carry on business as an importer, exporter, seller, supplier or distributor of petroleum as well as the business of exploring for, or exploiting or producing or refining petroleum, to enable the compulsory acquisition or requisition for such corporation of any immovable or movable property required for the purposes of such corporation and to provide for the establishment of a compensation tribunal; to provide for the regulation and control of the price of petroleum; and to make provision for purposes connected with the matters aforesaid.
Repealed
No
Source language
English
Legislation Amendment
No
Amended by