As enacted

Contents

Companies Act 2007 · As enacted · Part I · Incorporation of Companies and Related Matters Essential Characteristics of Companies

23. pre-incorporation contracts may be ratified

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

For the purpose of this section and sections 24

and 25 of this Act, the expression “pre-incorporation contract” means —

(a)

a contract purported to have been entered into by a company before its incorporation; or

(b)

a contract entered into by a person on behalf of a company before and in contemplation of its incorporation.

(2)

Notwithstanding anything to the contrary in any law, a pre-incorporation contract may be ratified within such period as may be specified in the contract or if no such period is specified, within a reasonable time after the incorporation of such company, in the name of which or on behalf of which it has been entered into.

(3)

A pre-incorporation contract that is ratified under subsection (2), shall be as valid and enforceable as if the company had been a party to the contract at the time it was entered into.

(4)

A pre-incorporation contract may be ratified by a company in the same manner as a contract may be entered into on behalf of a company under section 19.

Read on from s 24

Part II