Control Of Prices (Amendment) Law

Control Of Prices (Amendment) Law A LAW TO AMEND THE CONTROL OF PRICES ACT. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows: – Short title. 1. This Law may be cited as the Control of Prices (Amendment) Law, No. 21 of 1975. Amendment of section 4 of Chapter 173. 2. Section 4 of the Control of Prices Act, as amended by Act No. 23 of 1962, is hereby further amended in subsection (1) of that section as follows: (1) by the substitution, for paragraph (a) of that subsection, of the following paragraph: – “(a) fix the maximum price (ex-factory, wholesale and retail) above which that article shall not be sold;” (2) by the relettering of paragraph (b) of that subsection as paragraph (c) thereof; and (3) by the insertion, immediately after paragraph (a) of that subsection, of the following new paragraph: – (b) (i) set out the price structure according to which the maximum price (ex-factory, wholesale and retail) of that article shall be fixed by the manufacturer or importer; (ii) set out the manner in which such manufacturer or importer shall make known to the public the maximum price so fixed; and (iii) specify that the price so fixed shall be the maximum price above which that article shall not be sold; and”