51. Registered brokers having a director or the chief executive officer of a holding company of such broker as a director, shareholder or an employee of an insurer

Where on the date of the coming into operation of this Act, a director or the chief executive officer of a holding company of any broker registered under section 82 of the principal enactment, is a director, shareholder or an employee of an insurer, then, notwithstanding the amendment made to section 84 of the principal enactment by section 28 of this

Act, the registration of such broker shall not be suspended or cancelled nor a renewal of such registration be refused, without the director or the chief executive officer concerned being granted by the Insurance Board of Sri Lanka, a reasonable period of time within which to dispose of the shares being held or relinquishing such directorship or employment, as the case may be.

Act, No. 3 of 2011