Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsConsequences of default in complying with conditions constituting a company a private company
| 31. Where the articles of a company include the provisions set out in section 30 in order to constitute it a private company but default is made in complying with any of those provisions, the company shall cease to be entitled to privileges and exemptions conferred on private companies under the provisions contained in section 33, paragraph (d) of section 255 and sub-paragraph (i) of paragraph (a) of the proviso to subsection (1) of section 257 and thereupon the provisions contained in section 33, paragraph (d); of section 255 and sub-paragraph (i) of paragraph (a) of the proviso to subsection (1) of section 257 shall apply to the company as if it were not a private company: Provided that the court, on being satisfied that the failure to comply with the conditions was accidental or due to inadvertence or to some other sufficient cause, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any other parson interested and on such conditions as seem to the court just and expedient, order that the company be relieved from such consequences as aforesaid. |