70.
| (1) The Registrar shall on production to him of an order of the court confirming the reduction of the share capital of a company, and the delivery to him of a copy of the order and of a minute approved by the court, showing with respect to the share capital of the company, as altered by the order, the amount of the share capital, the number of shares into which it is to be divided, and the amount of each share, and the amount, if any, at the data of the registration deemed to be paid on each share, register the order and minute. |
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| (2) On the registration of the order and minute under the provisions of subsection (1), the resolution for reducing share capital as confirmed by the order so registered shall take effect. |
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| (3) Notice of the registration shall be published in such manner as the court may direct. |
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| (4) The Registrar shall issue a certificate, authenticated by the seal prepared under the provisions of section 390, of the registration of the order and minute, and such certificate shall be conclusive evidence that all requirements of this Act, with respect to reduction of share capital have been complied with and that the share capital of the company is such as stated in the minute. |
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| (5) The minute referred to hi subsection (1) when registered shall be deemed to be substituted for the corresponding part of the memorandum, and shall be as valid and effectual as if it had been originally contained therein. |
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| (6) The substitution of any such minute as referred to in subsection (1) for part of the memorandum of the company shall be deemed to be an alteration of the memorandum within the meaning of section 27. |
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Sri Lanka Consolidated Acts