318.
| (1) Where, in the case of winding up commenced after the appointed date, the liquidator is at any time of opinion that the company swill not be able to pay its debts in full within the period stated in the declaration made under the provisions of section 313, he shall forthwith summon a meeting of the creditors and shall lay before the meeting a statement of the assets and liabilities of the company. |
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| (2) Where the liquidator fails to comply with the provisions of this section, he shall be guilty of an offence and shall be liable to a fine not exceeding five hundred rupees. |
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Sri Lanka Consolidated Acts