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srilawsby aturio
As enacted
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Part XX · Companies Disputes Board

507. Companies Disputes Board

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

(1)

The Minister may constitute a board (in this

Act referred to as the “Companies Disputes Board”) for the purposes of carrying out the functions conferred on such

Board by the provisions of this Part of this Act.

(2)

The Companies Disputes Board shall consist of not less than three and not more than five persons appointed by the Minister, with substantial experience in relation to the law relating to companies or the administration of companies.

(3)

The Minister may appoint one of the members of the

Companies Disputes Board to be the President of the Board.

(4)

Subject to the provisions of subsections (6), (7) and (8), the term of office of the members of the Companies

Disputes Board shall be five years :

Provided that a member appointed in place of a member who resigns or is removed or otherwise vacates office, shall hold office for the unexpired part of the term of office of the member whom he succeeds.

(5)

Any member of the Companies Disputes Board who vacates office by effluxion of time, shall be eligible for re-appointment.

(6)

A member of the Companies Disputes Board may resign from office by letter to that effect addressed to the

Minister.

(7)

A member of the Companies Disputes Board shall hold office during good behaviour, and may be removed from office by the Minister.

(8)

Where a member is temporarily unable to discharge the duties of his office on account of ill-health, absence from

Sri Lanka or any other cause, the Minister may appoint some other person to act as a member in his place.

(9)

The Companies Disputes Board may, with the approval of the Minister, appoint such officers and servants as it thinks fit to assist the Companies Disputes Board in carrying out its duties under this Part of this Act.

(10)

The members of the Companies Disputes Board and its officers and servants may be paid such remuneration out of the Fund, as may be determined by the Minister.

Read on from s 508

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