426.
| (1) No company, association, or partnership consisting of more than twenty persons which is formed outside purpose of carrying on any business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Act or under some other enactment. |
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| (2) No company, association or partnership consisting of more than twenty persons, which is formed outside Sri Lanka, shall carry on in Sri Lanka any business that has for its object the acquisition of gain by the company, association OF partnership or by the individual members thereof unless
| | (a) it is duly incorporated as a company outside ; and | | |
| | (b) has an established place of business within, | | |
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| (3) 'Where any company, association or partnership consisting of more than twenty persons is formed in contravention of the provisions of subsection (1) or carries on any business in contravention of the provisions of subsection (2). each of such persons | | (a) shall be guilty of an offence and shall be liable to a fine not exceeding five hundred rupees or to imprisonment of either description for a term not exceeding three months or to both such fine and imprisonment ; and | | |
| | (b) shall, without prejudice to the provisions of para- graph (a), be severally liable for the payment of the whole debts of the company, association or partnership of which he is or was a member, and may be sued accordingly without the joinder in the suit of any other member of the company, association or partnership. | | |
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Sri Lanka Consolidated Acts