Associated Newspapers Of Ceylon Ltd (Amendment)(Special Provisions)

Associated Newspapers Of Ceylon Ltd (Amendment)(Special Provisions)

AN ACT TO AMEND THE ASSOCIATED NEWSPAPERS OF CEYLON LIMITED (SPECIAL PROVISIONS) LAW, No. 28 of 1973.

BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:-

[29^th May
, 1981 ]

Short title.

1. This Act may be cited as the Associated Newspapers of Ceylon Limited (Special Provisions) (Amendment) Act, No. 35 of 1981.

Insertion of new section 4A in Law no 28 of 1973.

2. The following new section is hereby inserted immediately after section 4 of the Associated Newspapers of Ceylon Limited (Special Provisions) Law, and shall have effect as section 4A of that Law :”

interest to be paid on compensation due.

“4A. Compensation to be paid in respect of each share of the company, shall be considered as accruing due from the date on which such share was vested in the Public Trustee. Interest shall be paid on such compensation at the prescribed rate from the date on which such compensation accrues due, until the date of its payment. “.

Retrospective effect of amendment.

3. The amendment made to the Associated Newspapers of Ceylon Limited (Special Provisions) Law by section 2 of this Act shall be deemed for all purposes to have come into operation on the date of the coming into operation of that Law.