Companies Act 2007 · As enacted · Part X · Approval of Arrangements, Amalgamations, and Compromises by Court
257. Court may make additional orders
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Without limiting the powers conferred under section 256, the court may for the purpose of giving effect to any arrangement or amalgamation or compromise approved under that section, either by the order approving the arrangement or amalgamation or compromise or by any subsequent order, provide for and prescribe terms and conditions relating to —
the transfer or vesting of movable or immovable property, assets, rights, powers, interests, liabilities, contracts and engagements;
the issue of shares, securities or policies of any kind;
the continuation of legal proceedings;
the liquidation or the removal from the Register without liquidation, name and particulars of any company;
the provision to be made for persons who voted against the arrangement or amalgamation or compromise at any meeting called in accordance with an order made under paragraph (b) of subsection (2) of section 256, or who appeared before the court in opposition to the application, to approve the arrangement or amalgamation or compromise;
such other matters as are necessary or desirable to give effect to the arrangement or amalgamation or compromise.
An order made by the court under subsection (1) shall have effect according to its tenor.
Within ten working days of an order being made by the court under this section, the company shall ensure that a copy of the order is delivered to the Registrar.
Where a company fails to comply with the requirements of subsection (3)—
the company shall be guilty of an offence and be liable on conviction to a fine not exceeding one hundred thousand rupees; and
every officer of the company who is in default shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand rupees.
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