35.
| (1) At any time after a dividend of not less than six per centum, or dividends amounting in all in any one year to not less than six per centum, has or have been declared on the ordinary shares of the Corporation any preference shareholder, including any purchaser or purchasers, but not the Government, shall, upon giving due notice to the Corporation, be entitled to exchange the preference shares held by him for an equal number of fully paid ordinary shares. |
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| (2) A notice shall not be deemed to be due notice unless the notice-
| | (a) is in writing addressed to the Corporation at its head office; and | | |
| | (b) is sent either by registered post or otherwise so as to reach the head office within twelve months from the date on which the preference shareholder giving the notice acquired the preference shares in respect of which the notice is given. | | |
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| (3) A notice if sent by registered post shall be deemed to be served in the ordinary course of post. |
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| (4) On the receipt of due notice the Corporation shall with all convenient speed cancel the preference share or shares in respect of which the notice is given and in lieu thereof issue to the holder thereof an ordinary share or ordinary shares which shall from the date of issue rank in every respect pari passu with the existing ordinary shares due rgeard being had to any difference in the amount paid up on any such shares. |
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| (5) The provisions of subsection (1) shall not apply to any preference shares created under section 37. |
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Sri Lanka Consolidated Acts