24.
| (1) Where the Board has taken over the administration and management of a finance company under section 20, the Board may, in order to take steps to safeguard the interest of the depositors or creditors by order published in the Gazette, vest the administration, and management of such finance company in any statutory board or person with the consent of such statutory board or person. On the publication in the Gazette of such order, the administration and management of such finance company shall vest in such statutory board or person which shall exercise, perform and discharge with respect to such finance company all the powers, duties and functions conferred or imposed on, or assigned to ; the Board of Directors of such company by or under any written law or by the articles of association, of the company, |
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| (2) Where the Board has vested the administration and management of a finance company in any statutory board or person by order made under subsection (1) the Board may direct any shareholder of such finance company to divest or transfer the ownership of any shares owned by him to a person nominated by the Board on payment by such person of compensation calculated as follows:
| | (a) where such shares are quoted, at the market value there of; or | | |
| | (b) where such shares and not quoted, at the price to be determined by a valuer nominated by the Board. | | |
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Sri Lanka Consolidated Acts