As enacted

Contents

Companies Act 2007 · As enacted · Part XI · Provisions Relating to Offshore Companies

262. Grant of certificate of registration to off-shore company

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

(1)

Subject to the provisions of subsections (3)

and (4), the Registrar may, having regard to the national interest or in the interest of the national economy, issue a certificate of registration to an off-shore company for the carrying on of its business outside Sri Lanka, where that off-shore company—

(a)

makes payment of the prescribed fee; and

(b)

produces to the Registrar a certificate from a bank, that the prescribed sum to defray the expenses of the off-shore company for the purposes of its office in Sri Lanka, has been deposited to the credit of an account at that bank in the name of the off-shore company.

(2)

A certificate of registration issued to an off-shore company under this Part of this Act, shall exempt the company from complying with any other provision of this

Act.

(3)

No certificate of registration shall be granted to a company under this section, where —

(a)

the winding up or liquidation of such company has commenced;

(b)

a receiver of the property of such company has been appointed;

(c)

there is any scheme or order in force in relation to such company under which the rights of creditors are suspended or restricted.

(4)

Before the Registrar issues a certificate of registration to an off-shore company under this section, he shall satisfy himself that—

(a)

in the case of a company incorporated abroad, there is no legal impediment in the country of incorporation to the company engaging in the business of an off-shore company;

(b)

the issue of such certificate does not render defective any legal or other proceedings instituted or to be instituted by or against the company, and shall embody in the certificate such conditions as he may deem necessary in the national interest or in the interest of the national economy.

(5)

The Registrar may for good cause cancel the registration of an off-shore company under this Part of this

Act. Upon such cancellation, the off-shore company shall cease to enjoy the privileges and benefits granted under this

Part of this Act or under any other written law relating to off-shore companies.

Read on from s 263

Part XII