The NLB was established by the Finance Act No.11 of 1963. Several sections of the said Act were amended in 1997 and in 1998. A need has now arisen to amend this Act which has prevailed for the past 53 years in order to make it compatible with present times. Also, the parliamentary Committee on Public Enterprises (COPE) has recommended that immediate steps should be taken to amend the said Act as it does not meet the broad objectives of the NLB. Accordingly, the Cabinet of Ministers has approved the preparation of a new Act for the NLB