505. Interpretation of provisions as to prospectuses

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

(1)

Where any document by which shares in or debentures of a company incorporated outside Sri Lanka are offered for sale to the public would, where the company concerned had been a company within the meaning of this

Act, have been deemed by virtue of the provisions of section 43 to be a prospectus issued by the company, that document shall be deemed to be for the purposes of this Part of this Act, a prospectus issued by the company.

(2)

An offer of shares or debentures for subscription or sale to any person, whose ordinary business it is to buy or sell shares or debentures, whether as principal or agent, shall not be deemed to be an offer to the public for the purposes of this

Part.

(3)

In this Part, the expressions “prospectus”, “shares” and

“debentures” shall have the same meanings as and when used in relation to a company incorporated under this Act.

Part XIX

Advisory Commission

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Part XX

Companies Disputes Board

Read on from Part XX

Part XXI

Offences Miscellaneous Offences

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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