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As enacted
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Part VII · Management and Administration Registered Office

199. Relevant interests to be disregarded in certain cases

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

For the purposes of section 200, no account shall be taken of a relevant interest of a person in a share, if—

(a)

the ordinary business of the person who has the relevant interest consists of or includes the lending of money or the provision of financial services or both, and that person has the relevant interest only as security given for the purposes of a transaction entered into in the ordinary course of the business of that person;

(b)

that person has the relevant interest by reason only of acting for another person to acquire or dispose of that share on behalf of the other person;

(c)

that person has the relevant interest solely by reason of being appointed as a proxy to vote at a particular meeting of members or of a class of members, of the company;

(d)

that person—

(i)

is a trustee corporation or a nominee company; and

(ii)

has the relevant interest by reason only of acting for another person in the ordinary course of business of that trustee corporation or nominee company; or

(e)

the person has the relevant interest by reason only of the fact that the person is a trustee of a trust to which the share is subject.

(2)

For the purposes of paragraph (e) of the subsection (1), a person may be a trustee notwithstanding that he is entitled as a trustee to be remunerated out of the income or property of the trust.

Part VIII

Amalgamations

Part IX

Compromises with Creditors

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Part XI

Provisions Relating to Offshore Companies

Part XII

Winding Up

Part XIII

Administrators Appointment of Administrator

Part XIV

Floating Charges

Part XV

Receivers and Managers

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Part XVII

Application of Act to Existing Companies

Part XVIII

Overseas Companies

Part XIX

Advisory Commission

Part XX

Companies Disputes Board

Part XXI

Offences Miscellaneous Offences

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Part XXIII

Repeals and Amendments

Schedules