32.
| (1) Subject to the provisions of the Insurance Corporation Act, No. 2 of 1961, an insurer who has prior to the appointed date transacted life assurance business in Ceylon shall not transfer the assets and liabilities relating to his life assurance business to any person other than to such an institution as may be declared by the Minister by notification published in the Gazette or amalgamate such assets and liabilities with the assets and liabilities of the life assurance business of any insurer other than such an institution. |
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| (2) A transfer or an amalgamation permissible under subsection (1) shall not be valid unless the Commissioner of Inland Revenue had issued a certificate of tax clearance under his hand indicating that he is satisfied that the revenue of the Government of Ceylon will not be prejudiced by such transfer or amalgamation and that an appropriate sum has been paid "by the insurer in commutation of his prospective liability to Ceylon income tax. |
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Sri Lanka Consolidated Acts