All land comprising the Area of Authority of the Colombo Port City (CPC) will be vested with the Commission once the CPC Economic Commission Act comes into operation.
Any transfer, lease or agreement executed by the Urban Development Authority (UDA) at present will be deemed to be documents executed by the Commission, while all agreements entered into by the Board of Investment (BOI) will be deemed to be agreements entered by the Commission.
The Bill states that on the coming into operation of this Act, the President may issue a Land Grant under the Crown Lands Ordinance in the name of the Commission, in respect of all land comprising the Area of Authority of the Colombo Port City set out in a Schedule to the Act.
Seven enactments will have no application within the area of authority of the CPC.
These include the Urban Development Authority Act No.41 of 1978, the Municipal Council Ordinance (Chapter 252), the Commercial Mediation Centre of Sri Lanka Act No.44 of 2000, the Town and Country Planning Ordinance (Chapter 269), the Strategic Development Projects Act No.14 of 2008, Public Contracts Act No.3 of 1987, and the Board of Investment of Sri Lanka Law No.4 of 1978. (Daily Ft)