Companies Act 2007 · As enacted · 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.
Official translationFrom Department of Government Printing, unchanged
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—
within ten working days of the passing of the resolution at a meeting of shareholders ; or
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.
Within twenty working days of receiving a notice under subsection (1), the board shall—
agree to the purchase of the shares by the company ;
arrange for some other person to agree to purchase the shares ;
apply to the court for an order under section 97 or section 98 ; or
arrange before taking the action concerned for the resolution to be rescinded in accordance with section 92 or decide in the appropriate manner not to take the action concerned, as the case may be, and give written notice to the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