Companies Act 2007 · As enacted · Part XIII · Administrators Appointment of Administrator
419. Discharge of administrator or variation of resolution appointing administrator
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
The administrator shall, where—
it appears to him that the purpose or each of the purposes specified in the resolution appointing him either have been achieved or is incapable of achievement;
he is required to do so by a meeting of the company’s creditors summoned for the purpose, may at any time, give notice to the company notifying that the—
administration ought to be terminated; or
resolution appointing him as administrator ought to be varied to specify an additional purpose.
The administrator shall cease to hold office five working days after giving a notice under paragraph (c) of subsection (1), or on such later date as may be specified in the notice, but in any event no more than ten working days after the date on which the notice is given.
Where the administrator gives notice under paragraph (d) of subsection (1), the resolution shall be deemed to be amended accordingly.
Where a notice is given under subsection (1), the administrator shall within ten working days after giving the notice, deliver a copy of the notice to the Registrar.
Where the administrator fails to comply with subsection (4) he shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand rupees.
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