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srilawsby aturio
As enacted
Contents

Part XII

323. Eff ect of liquidation on directors and other agents of the company

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

(1)

The appointment of a liquidator does not remove the directors of the company from office.

Rescue, Rehabilitation and Insolvency

(2)

A director of a company that is in liquidation may not perform or exercise, or purport to perform or exercise, a function or power as an officer of the company except –

(a)

to appeal against an order of the court under paragraph (c) of subsection (2) of section 298 in such manner, within such period, and with such requirements for notice of intention to appeal as may be prescribed, but the director shall not have any resort to the property of the company in connection with any such appeal (subject to any order the court may make at the conclusion of the appeal); or

(b)

as expressly permitted by this Part .

(3)

The appointment of a liquidator revokes the authority of any agent of the company appointed by or on behalf of the board of the company.

Read on from s 324

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