Sri Lanka Consolidated Acts

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Agrarian Development Act (No. 46 of 2000) - Sect 50

Cancellation of Registration

50.
(1) The Commissioner-General may cancel the registration of a Farmers' Organisation and appoint a liquidator or liquidators to wind up its affairs if"-
(a) the number of members of that Farmers' Organisation becomes less than twenty five ;
(b) the Farmers' Organisation has not been functioning for a period exceeding one year from the date of its registration ; or
(c) not less than one fourth of the number of members of that Farmers' Organisation makes an application to the Commissioner-General stating that the Farmers' Organisation has acted contrary to the objectives of the Farmers' Organisation, or has failed to act for she welfare of its members.
(2) Notification of such cancellation shall be published in a Newspaper circulating in the Sinhala. Tamil and English languages respectively.
(3) The liquidator or liquidators appointed to wind up the affairs of the Organisation shall have the power to"
(a) decide any question relating to priority among the creditors of the Organisation ;
(b) sell the property of the Organization ;
(c) compound any claims by or against the Organisation with the prior approval of the Commissioner- General ;
(d) arrange for the distribution of the assets of the Organisation in the prescribed manner.
(4) In the liquidation of the Organisation its funds shall be applied first to settle the cost of liquidating and then to the discharge of its liabilities. Any surplus remaining after the closure of the liquidation shall be credited to the Agrarian Development Fund.

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