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srilawsby aturio
As enacted
Contents

Part XII

329. Powers of liquidator

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

(1)

A liquidator may do all such things as may be necessary or desirable for the matters referred to in section 296.

(2)

A liquidator shall have the powers specified in the

Ninth Schedule.

(3)

Subject to any requirement, as may be prescribed, for –

(a)

the approval of –

(i)

creditors;

(ii)

shareholders;

(iii)

contributories;

(iv)

a liquidation creditors’ committee; or

(v)

a liquidation contributories’ committee; or

(b)

the permission of the court, a liquidator may exercise the powers referred to in subsection (2).

(4)

In the exercise or discharge of a power or function the liquidator shall be the company’s agent. A person dealing with the liquidator in good faith and for value shall not be required to inquire whether the liquidator is acting within the liquidator’s powers.

Read on from s 330

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