377.
| (1) An account shall be kept by the Registrar of the receipts and payments in the winding up of each. company, and, when the cash balance standing to the credit of the account of any company is in excess of the amount which, in the opinion of the committee of inspection, is required for the time being to answer demands in respect of that company's estate, the Registrar shall, on the request of such committee, invest the amount not so required in Government securities, to be placed to the credit of the such account for the benefit of the company. |
|
| (2) When any part of the money invested under the provisions of subsection (1) is, in the opinion of the committee of inspection, required to answer any demands in respect of the estate of the company, the Registrar shall, on the request of the committee, raise such sum as may be required by such sale of such part of the securities referred to in subsection (I) as may be necessary. |
|
| (3) The dividends on investments made under the provisions of this section shall be paid to the credit of the company. |
|
| (4) When the balance at the credit of any company's account in the hands of the Registrar exceeds twenty thousand rupees, and the liquidator gives notice to the Registrar that the excess is not required for the purposes of the liquidation, the company shall be entitled to interest on the excess at such rate as may be prescribed and until so prescribed at the rate of two per centum per annum. |
|
|
Sri Lanka Consolidated Acts