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srilawsby aturio
As enacted
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Part XX · Companies Disputes Board

508. Board members may mediate disputes

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

(1)

The parties to a dispute—

(a)

arising in giving effect to the provisions of this Act ;

or

(b)

which relates to the affairs or management of any company, may, with the approval of the President of the Companies

Disputes Board, refer the dispute for mediation before a member of the Board.

(2)

A court may if it thinks fit, refer any proceeding pending before such court to mediation before a member of the Companies Disputes Board, with the consent of all parties to that proceeding. The proceedings shall be stayed until either a settlement is reached or a notice is given to the court by such Board, that the mediation has not resulted in a settlement.

(3)

Where the parties to a dispute or proceeding referred to mediation under this section agree to settle that dispute or proceeding—

(a)

the settlement agreement shall be recorded in writing and signed by the parties and by the member of the

Board who acted as mediator ; and

(b)

a certified copy of the settlement agreement shall be filed in the court, and shall have effect as if it were a judgment of the court.

(4)

Regulations may be made prescribing the procedure for the conduct of proceedings in any dispute referred to mediation under this section.

(5)

Where the parties to a dispute or proceeding referred to mediation under this section do not agree to settle that dispute or proceeding within three months of the reference to mediation, or within any extended period agreed to by all those parties, the member of the Board shall forthwith give notice—

(a)

to the parties ; and

(b)

if the matter was referred to mediation by the court, to the court, that the mediation has not resulted in a settlement.

Read on from s 509

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