Act-No-3of2012-Board-Of-Investment-Of-Sri-Lanka-Amendment.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
BOARD OF INVESTMENT OF SRI LANKA
(AMENDMENT) ACT, NO. 3 OF 2012
[Certified on 15th February, 2012]
Printed on the Order of Government
Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of February 17, 2012
PRINTEDAT THEDEPARTMENT OFGOVERNMENTPRINTING,SRILANKA
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Board of Investment of Sri Lanka (Amendment) 1
Act, No. 3 of 2012
[Certified on 15th February, 2012]
L.D.—O. 44/2011.
ANACT TO AMEND THE BOARD OF INVESTMENT OF SRI LANKA
LAW, NO. 4 OF 1978
BE it enacted by the Parliament of the Democratic Socialist
Republic of Sri Lanka as follows:—
1. This Act may be cited as the Board of Investment of Short title.
Sri Lanka (Amendment) Act, No. 3 of 2012.
2. Section 6 of the Board of Investment of Sri Lanka Amendment of
section 6 of the
Law, No. 4 of 1978 (hereinafter referred to as the “principal
Law No. 4 of
enactment”) is hereby amended as follows:— 1978.
(1) by the repeal of subsection (1) of that section and
the substitution therefor of the following
subsection:—
“(1) the Board shall consist of five members
to be appointed by the President, one of whom
shall be appointed as the Chairman of the
Commission.”;
(2) by the substitution, in subsection (2) of that section,
for the words “period of five years”, of the words
“period of three years”;
(3) by the substitution, in subsection (7) of that section,
for the words “Director-General, Additional
Director-General or any other member”, of the word
“Chairman”;
(4) by the addition immediately after subsection (7) of
that section, of the following new subsection:—
“(8) the Chairman shall preside at all meetings
of the Board and shall have a casting vote. In the
absence of the Chairman from any meeting of the
2 Board of Investment of Sri Lanka (Amendment)
Act, No. 3 of 2012
Board, a member elected by the members present
shall preside at such meeting.”.
Replacement of 3. Section 11 of the principal enactment is hereby
section 11 of the repealed and the following section substituted therefor:—
principal
enactment.
“Appointment 11. (1) The President in consultation with
of Director- the Board shall appoint the Director-General
General of
the Board. of the Board.
(2) The Director-General shall be the chief
executive officer of the Board.
(3) The President in consultation with the
Board may remove the Director-General from
his office.
(4 )The Director-General shall attend the
meetings of the Board in an advisory capacity
in connection with the activities of the Board
but shall not have any voting rights thereat.
(5) The Board shall determine the
remuneration and other benefits payable to the
Director-General.
(6) The Director-General shall discharge his
functions subject to the general direction and
control of the Board.
(7) The Director-General may, with the
approval of the Board delegate any power,
function or duty conferred or imposed on or
assigned to the Director-General to any
employee of the Board and such employee shall
excise, perform and discharge such power, duty
or function subject to the general or special
directions of the Director-General.”.
Board of Investment of Sri Lanka (Amendment) 3
Act, No. 3 of 2012
4. Section 12 of the principal enactment is amended by Amendment of
the omission of the words “Additional Director-General”. section 12 of the
principal
enactment.
5. In the case of any inconsistency between the Sinhala Sinhala text to
prevail in case
and Tamil texts of this Act, the Sinhala text shall prevail.
of inconsistency.

4 Board of Investment of Sri Lanka (Amendment)
Act, No. 3 of 2012
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