31.
| (1) Where the Committee decides that the Corporation shall be wound up, the Secretary shall summon a special general meeting of the Corporation. Two months' notice of such meeting shall be given by the Secretary to each member of the Corporation and the notice convening such meeting shall be published in one Sinhala newspaper, one Tamil newspaper, and one English newspaper not less than two months prior to the date of such meeting. A resolution to wind up the Corporation shall not be deemed to have been passed unless it is approved by three-fourths of the members on roll of the Corporation. |
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| (2) Where the resolution to wind up the Corporation is passed with the requisite majority, the granting of all loans shall be stopped forthwith, and a liquidator shall be appointed by the Permanent Secretary for the purpose of winding up the affairs and distributing the assets of the Corporation. After meeting the liabilities of the Corporation, the assets, if any, shall be distributed among the members of the Corporation proportionately according to the contributions and donations lying to the credit of each member of the Corporation. |
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Sri Lanka Consolidated Acts