214.
| (1) The following member or members of a company or a person on whom shares have devolved through the death of a member has or shall have the right to make an application under the provisions of section 210 or section 211, as the case may be :
| | (a) in the case of a company having a share capital, not less than five per centum of the total number of its members or the holders of not less than the aggregate of five per centum in the nominal value of the company's issued capital; or | | |
| | (b) in the case of a company not having a share capital, a number of members; less than twenty per centum of the company's members. | | |
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| (2) For the purposes of subsection (1), where any shares are held by two or more persons jointly such persons shall be counted only as one member. |
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| (3) Where several members of a company are entitled to make an application in .accordance with the provisions of subsection (1) any one or more of them having obtained the consent in writing of the remaining members may make the application on behalf and for the benefit of all of them. |
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| (4) The executor or administrator of a deceased member shall be deemed to be a member of a company for the purposes of sections 210 and 211. |
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| (5) Where at the conclusion of an inquiry under the provisions of section 210 or section 211 the court holds that the member or members of the company or a person on whom shares have devolved through the death of a member making the application has or have done so vexatiously or without reason or probable cause, the court may in addition to any award of costs against such member or members or a person on whom shares have devolved through the death of a former member have the discretion to direct that such member or members shall be disqualified from being appointed as a director or agent or secretary or manager of the company for a period not exceeding five years from the date of the order to be fixed by court or direct that the member or members or such person shall not have the right to convene or requisition any meeting of the company or have the right to be present in person or by proxy at any meeting of the company within the aforesaid period, or to vote upon a show of hands or at a poll by person or by proxy at such meeting. |
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Sri Lanka Consolidated Acts