226.
| (1) The Registrar shall on receipt of the notification from the company request the company, where such company has consented to become a public limited liability company, to state the period of time, not exceeding six months from the date of such request or before the expiration of such extended time as may be granted by the Registrar in his discretion within which it will become a public limited liability company, the number of shares it proposes to offer to the public and submit an outline of the steps the company proposes to take in regard thereto. |
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| (2) The Registrar shall confirm the proposals made in that behalf by the company subject to such variation as the Registrar may, having regard to the circumstances, impose, and direct the company accordingly. |
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| (3) Where the company notifies the Registrar of its refusal to become a public limited liability company, or where the number of shares the company proposes to offer to the public is in the opinion of the Registrar inadequate, the Registrar shall thereupon refer the matter to the District Court within whose jurisdiction the registered office of the company is situate for adjudication as to whether or not the company should become a public limited liability company, and if so, the proportion of shares, it should offer to the public. |
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Sri Lanka Consolidated Acts