6. Section 114 of the principal enactment is hereby amended as follows :-
| (1) by the renumbering of that section as subsection (1) of that section; |
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| (2) in the renumbered subsection(1) of that section by the substitution for the words " section 55 (1) ,", of the words "section 55 (I) and subsection (2) of this section,"; |
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| (3) by the addition immediately after the renumbered subsection (1), of the following new subsections :"
| | "(2) Notwithstanding the provisions of subsection (1), a company shall enter in its register and the Registrar shall receive a notice of any trust, expressed, implied or constructive given by a company"
| | | (a) primary object of which is to act as a central depository to a stock exchange licensed under the Securities Councils Act, No. 37 of 1987; and |
| (b) which has been approved by the Minister in consultation with the Securities Council established by the said Act. |
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| | (3) Where a notice of any trust, expressed, implied or constructive is entered in the register of a company under subsection (2), the person for whose benefit any shares in such company are held in trust shall, in respect of those shares and notwithstanding anything to the contrary in this Act, enjoy all. such rights and privileges and be-subject to all such duties and obligation.1;, as a registered shareholder of those shares would be entitled to, or be subject to, under this Act.". | | |
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Sri Lanka Consolidated Acts