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Part XVII

469. Amendment of section 394 of the Companies Act

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

Section 394 of the Companies Act is hereby amended –

(a)

in subsection (4) –

Proceedings under the

Rescue,

Rehabilitation and Insolvency

(Corporate and

Personal) Act,

No. 12 of 2026

Rescue, Rehabilitation and Insolvency

(i)

by the substitution for the words “in the winding up”, of the words “in relation to the liquidation”;

(ii)

by the substitution for the words “fully wound up”, of the words and figures “the liquidation has ended under section 311 of the Rescue, Rehabilitation and Insolvency

(Corporate and Personal) Act, No. 12 of 2026”; and

(iii)

by the substitution for the words “subsection (3)”, of the words and figures "subsection (3)

and shall give written notice to the Authority within the meaning of subsection (1) of section 2 of the Rescue, Rehabilitation and

Insolvency (Corporate and Personal) Act,

No. 12 of 2026 that this subsection applies”;

(b)

in subsection (5) -

(i)

by the substitution for the words “form the register,”, of the words “from the register,”;

and

(ii)

by the repeal of paragaraph (b) thereof, and the substitution therefor of the following :-

“(b) nothing in the provisions of this subsection shall affect or limit the application of Part XII or section 408 of the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act,

No. 12 of 2026 to a company the name of which has been struck off the register.”.

Read on from s 470

Schedules