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As enacted
Contents

Part V · Shareholders and Their Rights and Obligations

94. Notice requiring purchase

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

(1)

A shareholder of a company who is entitled to require the company to purchase shares by virtue of the provisions of section 93 or section 100 may—

(a)

within ten working days of the passing of the resolution at a meeting of shareholders ; or

(b)

where the resolution was passed under section 144, before the expiration of ten working days after the date on which notice of the passing of the resolution is given to the shareholder, give a written notice to the company, requiring the company to purchase those shares.

(2)

Within twenty working days of receiving a notice under subsection (1), the board shall—

(a)

agree to the purchase of the shares by the company ;

(b)

arrange for some other person to agree to purchase the shares ;

(c)

apply to the court for an order under section 97 or section 98 ; or

(d)

arrange before taking the action concerned for the resolution to be rescinded in accordance with section 92 or decide in the appropriate manner not to take the action concerned, as the case may be, and give written notice to the shareholder of the board’s decision under this subsection.

Part VI

Registration of Charges Registration of Charges with Registrar

Part VII

Management and Administration Registered Office

Part VIII

Amalgamations

Part IX

Compromises with Creditors

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Part XI

Provisions Relating to Offshore Companies

Part XII

Winding Up

Part XIII

Administrators Appointment of Administrator

Part XIV

Floating Charges

Part XV

Receivers and Managers

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Part XVII

Application of Act to Existing Companies

Part XVIII

Overseas Companies

Part XIX

Advisory Commission

Part XX

Companies Disputes Board

Part XXI

Offences Miscellaneous Offences

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Part XXIII

Repeals and Amendments

Schedules