161.
| (1) The Registrar may appoint one or more competent inspectors to investigate the affairs of a company and to report thereon in such manner as the Registrar directs
| | (a) in the case of a company having a share capital, on the application either of not less than fifty members or of members holding not less than one-fifth of the shares issued; | | |
| | (b) in the case of a company not having a share capital, on the application of not less than one-fifth in number of the persons on the company's register of members. | | |
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| (2) The application shall be supported by such evidence as the Registrar may require for the purpose of showing that any person making an application under the provisions of subsection (1) has good reason for requiring the investigation, and the Registrar may, before appointing an inspector, require such person to give security, to an amount not exceeding two thousand five hundred rupees for payment of the costs of the investigations. |
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| (3) The Registrar may from time to time as and when he deems necessary, require any person making an application under the provisions of subsection (1) to make additional payments as security for, and for further conduct of, the investigation and on failure of such person to furnish any such amount as and when required so to do, the Registrar may in his absolute discretion direct that the security paid by virtue of the provisions of subsection (2) be forfeited and terminate the investigation. |
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| (4) The Registrar may as and when he deems necessary call upon an inspector to furnish him with an interim report on any investigation being conducted by such inspector. |
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Sri Lanka Consolidated Acts