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srilawsby aturio
As enacted
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Part V · Shareholders and Their Rights and Obligations

97. Court may grant exemption

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

(1)

A company to which a notice has been given under section 94 may apply to court for an order exempting it from the obligation to purchase the shares to which the notice relates, on the ground that—

(a)

the purchase would be disproportionately damaging to the company ; or

(b)

the company cannot reasonably be required to finance the purchase.

(2)

On an application made under this section, the court may make an order exempting the company from the obligation to purchase the shares, and may make any other order it thinks fit, including an order—

(a)

setting aside a resolution of the shareholders ;

(b)

directing the company to take or refrain from taking, any action specified in the order ;

(c)

requiring the company to pay compensation to the shareholders affected ; or

(d)

that the company be wound up by the court.

(3)

The court shall not make an order under subsection (2) of this section, unless it is satisfied that the company has made reasonable efforts to arrange for another person to purchase the shares in accordance with paragraph (b) of subsection (2) of section 94.

Read on from s 98

Part VI

Registration of Charges Registration of Charges with Registrar

Read on from Part VI

Part VII

Management and Administration Registered Office

Read on from Part VII

Part VIII

Amalgamations

Read on from Part VIII

Part IX

Compromises with Creditors

Read on from Part IX

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Read on from Part X

Part XI

Provisions Relating to Offshore Companies

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Part XII

Winding Up

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Part XIII

Administrators Appointment of Administrator

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Part XIV

Floating Charges

Read on from Part XIV

Part XV

Receivers and Managers

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Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Read on from Part XVI

Part XVII

Application of Act to Existing Companies

Read on from Part XVII

Part XVIII

Overseas Companies

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Part XIX

Advisory Commission

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Part XX

Companies Disputes Board

Read on from Part XX

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