3.
| (1) Compensation in respect of each ordinary share of the Bank which is deemed to have vested in the Government shall be paid by the Government to the person who was the holder of that share on the day immediately prior to the date of such vesting on the basis of the price paid by that person for such share or, if that person became such holder not by acquisition for valuable consideration but by operation of law, or by a voluntary transfer, without such consideration, on the basis of the price paid for such share by the person who last was the holder of such share by virtue of acquisition for such consideration. |
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| (2) Compensation in respect of the ordinary shares of the Bank which are deemed to have vested in the Government shall be payable in cash, or in five per centum negotiable Government stock, or both in such cash and such stock in such proportion as may be determined by the Minister. Such stock shall be deemed to have been issued under the Registered Stock and Securities Ordinance. The date of redemption of any such stock shall be ten years. |
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| (3) No person to whom any stock has been issued by way of compensation under subsection (2) shall be entitled to alienate the whole or any part of such stock except by way of gift or will. |
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| (4) Any dispute between the Bank and any other person as to the amount of compensation payable to that person under this Part of this Act shall be referred by the Bank to the Minister whose decision thereon shall be final and conclusive. |
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| (5) For the purposes of this section, a person shall be deemed, at all times, to have been the holder of an ordinary share of the Bank on the day immediately prior to the date on which that share is deemed to have vested in the Government if such person was on that day the owner of that share by virtue of a transfer effected by way of sale through a broker, notwithstanding-
| | (a) that such transfer was not on that day registered in the books of the Bank; and | | |
| | (b) that such person was not on that day a duly registered holder of that share, | | |
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*Vide section 35 of the Finance (Amendment) Act, No. 9 of 1962. † Vide section 23 of the Finance (Amendment) Act, No. 3 of 1963. |
Sri Lanka Consolidated Acts