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As enacted
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Part IV · Shares and Debentures Prospectus

49. Nature and types of shares

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

(1)

A share in a company shall be movable property.

(2)

Subject to the company’s articles, a share in a company shall confer on the holder —

(a)

the right to one vote on a poll at a meeting of the company on any resolution;

(b)

the right to an equal share in dividends paid by the company;

(c)

the right to an equal share in the distribution of the surplus assets of the company on liquidation.

(3)

A company may issue different classes of shares, and in particular may issue shares which —

(a)

are redeemable;

(b)

confer preferential rights to distributions; or

(c)

confer special, limited or conditional voting rights or confer no voting rights.

(4)

No share in a company shall have a nominal or par value

(5)

A share in a company is transferable in the manner provided for by its articles and such articles may limit or restrict the extent to which a share is transferable.

ISSUE OF SHARES

Read on from s 50

Part V

Shareholders and Their Rights and Obligations

Read on from Part V

Part VI

Registration of Charges Registration of Charges with Registrar

Read on from Part VI

Part VII

Management and Administration Registered Office

Read on from Part VII

Part VIII

Amalgamations

Read on from Part VIII

Part IX

Compromises with Creditors

Read on from Part IX

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Read on from Part X

Part XI

Provisions Relating to Offshore Companies

Read on from Part XI

Part XII

Winding Up

Read on from Part XII

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