Sri Lanka Consolidated Acts

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Control Of Insurance Act (No. 25 of 1962) - Sect 5

Requirement that a company applying for registration must be an incorporated company which has paid-up share capital and which is not a private company. Cap. 145

5. No company shall be registered under this Act as being authorized to carry on insurance business in Ceylon unless such company-
(a) is a company which is incorporated in Ceylon under the Companies Ordinance, and which is not a private company as defined in section 27 of that Ordinance, or
(b) is a body which is incorporated by or under any law in any other country and which is not of the nature of such private company as aforesaid, and which has a paid-up capital of not less than one hundred thousand rupees, or the equivalent of such sum (ascertained at the time of registration) in any other currency, or
(c) is a company which is limited by guarantee.

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