51.
| (1) An allotment made by a company to an applicant in contravention of the provisions of section 49 or section 50 shall be voidable at the instance of the applicant within one month from the date of the holding of the statutory meeting of the company, or, in any case where the company is not required to hold a statutory meeting, or where the allotment is made after the holding of the statutory meeting, within one month from the date of the allotment, and shall be so voidable notwithstanding that the company is in the course of being wound up. |
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| (2) Where any director of a company knowingly contravenes or permits or authorizes the contravention of any of the provisions of section 49 or section 50, he shall be liable to compensate the company and the allottee respectively for any loss, damages, or costs which the company or the allottee may have sustained or incurred thereby: |
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Sri Lanka Consolidated Acts