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srilawsby aturio
As enacted
Contents

Part IX

209. Eff ect of administration on transfer of shares

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

(1)

Subject to this section –

(a)

a share in a company in administration shall not be transferred; and

(b)

the status of a shareholder of a company in administration, as to its liabilities, may not be altered.

(2)

The administrator may consent to the transfer of a share in the company in administration where the administrator is satisfied that the transfer is in the interests of the creditors as a whole.

(3)

The administrator shall not be liable in damages for declining to give consent under subsection (2).

(4)

The court may, where it is satisfied that substantial injustice would otherwise result, make an order –

(a)

for the transfer of a share of a company in administration; or

(b)

altering the status of a shareholder of a company in administration, as to its liabilities.

(5)

Nothing in this section shall affect or limit the application of section 46 of the Companies Act.

Read on from s 210

Part X

Compromises

Read on from Part X

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Read on from Part XI

Part XII

Read on from Part XII

Part XIII

Read on from Part XIII

Part XIV

Cross - Border Insolvency

Read on from Part XIV

Part XV

Read on from Part XV

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules