441. Notice of receivership

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

(1)

Where a receiver is appointed in respect of the property and undertaking of a company, every agreement entered into and every document issued by or on behalf of the grantor or the receiver and on which the name of the grantor appears, shall state clearly that a receiver has been appointed.

(2)

Where a receiver is appointed in relation to a specific asset or assets, every agreement entered into and every document issued by or on behalf of the grantor or the receiver that relates to the asset or assets, and on which the name of the grantor appears, shall state clearly that a receiver has been appointed.

(3)

A failure to comply with subsection (1) or subsection (2) shall not affect the validity of the agreement or document.

(4)

Every person who—

(a)

acts in contravention of subsection (1) or subsection (2); or

(b)

knowingly or willfully authorises or permits a contravention of subsection (1) or subsection (2), shall be guilty of an offence, and be liable on conviction to a fine not exceeding fifty thousand rupees.

Read on from s 442

Part XVI