78.
| (1) Where a company refuses to register a transfer of any shares or debentures, the company shall, within two months from the date on which the transfer was lodged with the company, send to the transferee notice of the refusal. |
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| (2) Where default is made in complying with the provisions of this section the company and every officer of the company who is in default shall be guilty of an offence and shall be liable to a default fine. |
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Sri Lanka Consolidated Acts