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srilawsby aturio
As enacted
Contents

Part XII

322. Power exercised before commencement of liquidation

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

(1)

Where, before the commencement of a liquidation, and by way of enforcement of –

(a)

an encumbrance over property; or

(b)

a right of the owner or lessor of property, including under a hire-purchase agreement, to take possession of the property or otherwise recover it.

(2)

Nothing in sections 317, 319 and 325 shall prevent the receiver, appointee or other person from performing or exercising a function or power in relation to the said property of the company where the said receiver, appointee or other person, has –

(a)

entered into possession or custody or assumed control of the property of the company; or

(b)

exercised any other power in relation to the property of the company.

(3)

Subsection (1) of section 325 shall not apply to an agreement, transaction or dealing that affects the property referred to in subsection (1) and is entered into in the performance or exercise of a function or power of the receiver, appointee or other person referred to in subsection (1).

Read on from s 323

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