37. Amendment of section 217 of the principal enactment

Section 217 of the principal enactment as last amended by Act No. 8 of 2012 is hereby further amended in the definition of the expression “dividend” by the substitution in sub-paragraph (iv) of paragraph (a) for the words “dividend in specie; and”, of the following words:-

“dividend in species; or

where a company buys back shares from its shareholders, the excess, if any, paid to any shareholder over the market price of such share quoted in the Colombo Stock Exchange or the market value of such share as the case may be, as at the date on which the shareholders of such company at a meeting approved such share buyback; and”.