Sri Lanka Consolidated Acts

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Bank of Ceylon (Amendment) Law (No. 10 of 1974) - Sect 4

Replacement of section 7 of the principal enactment

4. Section 7 of the principal enactment is hereby repealed and the following new section substituted therefor:-
7.
(1) The capital of the bank shall be one hundred and twenty million rupees divided into one hundred and twenty thousand shares of one thousand rupees each.
(2) The thirty thousand convertible preference shares of fifty rupees each and sixty thousand ordinary shares of fifty rupees each presently held by the Government shall be converted into ninety thousand shares of one thousand rupees each, so however that the balance sum of nine hundred and fifty rupees due on each of the aforesaid convertible preference shares and ordinary shares amounting to eighty-five million and five hundred thousand rupees shall be the reserve liability of the Government.
(3) The liability of the Government at any time as sole shareholder shall be limited to the total amount of the capital represented by the shares held for the time being by the Government. ".

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