51. No voluntary liquidation of a licensed commercial bank incorporated or established in Sri Lanka by or under any written law shall be effected without the prior authorization of the Monetary Board obtained in writing. The authorization shall be granted only if it appears to the Monetary Board that
| (a) the licensed commercial bank is solvent and has sufficient liquid assets to repay its depositors and other creditors without delay ; and |
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| (b) the liquidation has been approved by the affirmative vote of the shareholders of at least three-fourths of the outstanding shares entitled to vote at a meeting called expressly for this purpose : |
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Sri Lanka Consolidated Acts