Act of Parliament · As enacted
Companies (Amendment) Act 2024
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
This Act may be cited as the Companies
(Amendment) Act, No. 23 of 2024.
The provisions of this Act, other than the provisions of this section, shall come into operation on such date as the Minister may appoint by Order published in the Gazette.
The provisions of this section shall come into operation on the date on which the Bill becomes an Act of
Parliament.
s 2Amendment of section 427 of Act, No. 07 of 2007
Section 427 of the Companies Act, No. 07 of 2007
(in this Act referred to as the “principal enactment”) is hereby amended in paragraph (a) of subsection (3) of that section, by the substitution for the words and figures
“the provisions of the Registration of Documents
Ordinance (Cap.117)”, of the words and figures “the provisions of the Secured Transactions Act, No. 17 of 2024”.
s 3Amendment of section 428 of the principal enactment
Section 428 of the principal enactment is hereby amended as follows: -
in subsection (3) of that section, by the substitution for all the words and figures from
“registered under the Registration of
Documents Ordinance (Cap. 117)” to the end of that subsection, of the words and figures “registered under the Secured
Transactions Act, No. 17 of 2024 and the provisions of that Act shall apply in regard to such floating charge.”; and
by the repeal of subsection (4) of that section.
s 4Amendment of section 431 of the principal enactment
Section 431 of the principal enactment is hereby amended by the addition immediately after subsection (6)
of that section, of the following new subsection: -
“(7) Where any movable property owned by a company is subject to a floating charge which is registered under the Secured Transactions Act,
No. 17 of 2024, the provisions relating to priority contained in that Act shall apply in determining the priority of such floating charge.”.
s 5Insertion of new section 433A in the principal enactment
The following new section is hereby inserted immediately after section 433 of the principal enactment and shall have effect as section 433A of that enactment: -
“Interpretation 433A. In this Part of this Act, the term “floating charge” means a “security right” for the purpose of the application of the provisions of the Secured
Transactions Act, No. 17 of 2024.”.
s 6Sinhala text to prevail in case of inconsistency
In the event of any inconsistency between the
Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.