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srilawsby aturio
As enacted
Contents

Part XII · Winding Up

372. Additional provisions relating to setting aside of transactions and charges

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

(1)

The setting aside of a transaction or an order made under section 371 shall not affect the title or interest of a person in property, which that person has acquired—

(a)

from a person other than the company;

(b)

for valuable consideration ; and

(c)

in good faith.

(2)

The setting aside of a charge or an order made under section 371 shall not affect the title or interest of a person in property which that person has acquired—

(a)

as the result of the exercise of a power of sale by the grantee of the charge;

(b)

for valuable consideration; and

(c)

in good faith.

(3)

Recovery by the liquidator of property or its equivalent value, whether under section 371 or any other section of this Act or under any other enactment or in equity or otherwise, may be denied wholly or in part if—

(a)

the person from whom recovery is sought received the property in good faith and has altered his position in the reasonably held belief that the transfer to that person was validly made; and

(b)

in the opinion of the court, it is inequitable to order recovery or recovery in full.

Read on from s 373

Part XIII

Administrators Appointment of Administrator

Read on from Part XIII

Part XIV

Floating Charges

Read on from Part XIV

Part XV

Receivers and Managers

Read on from Part XV

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Read on from Part XVI

Part XVII

Application of Act to Existing Companies

Read on from Part XVII

Part XVIII

Overseas Companies

Read on from Part XVIII

Part XIX

Advisory Commission

Read on from Part XIX

Part XX

Companies Disputes Board

Read on from Part XX

Part XXI

Offences Miscellaneous Offences

Read on from Part XXI

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Read on from Part XXII

Part XXIII

Repeals and Amendments

Read on from Part XXIII

Schedules