Ceylon Petroleum Corporation Act (No. 28 of 1961).

https://www.fao.org/faolex/results/details/en/c/LEX-FAOC070520

Resource information

Resource Language

English

ISBN / Resource ID

LEX-FAOC070520

License of the resource

Copyright details

© FAO. FAO is committed to making its content freely available and encourages the use, reproduction and dissemination of the text, multimedia and data presented. Except where otherwise indicated, content may be copied, printed and downloaded for private study, research and teaching purposes, and for use in non-commercial products or services, provided that appropriate acknowledgement of FAO as the source and copyright holder is given and that FAO's endorsement of users' views, products or services is not stated or implied in any way.

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)

Legislation