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srilawsby aturio
As enacted
Contents

Part XV

424. Exception for temporary period

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

(1)

A person shall not contravene a prohibition in subsection (2) of section 421 for the temporary period referred to in subsetion (2) if that person applies to the court within five working days after commencement of the liquidation of the failed company for an order exempting that person from such prohibition.

(2)

The temporary period referred to in subsection (1) is the period beginning on the date of the commencement of the liquidation of the failed company and ending on –

(a)

the day on which the court makes an order of exemption; or

(b)

if earlier, at the close of thirty working days after commencement of the liquidation.

Read on from s 425

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules