10. Section 31 of the principal enactment is hereby amended by the repeal of subsection (2) thereof, and the substitution therefor, of the following new subsection : -
| "(2) Where the resolution to wind up the Corporation is passed with the requisite majority, the granting of loans shall be stopped forthwith, and a liquidator shall be appointed by the Secretary to the Ministry 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