| (1) Notwithstanding the provisions of any other written law or the Memorandum and articles of association of a finance company, the Monetary Board may, where a Order has been made by the Board under paragraph (a) of subsection (4) of section 18, on a report made by the Director
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| (a) make such arrangements as it considers necessary for the amalgamation of the finance company with another finance company or any other institution; with the consent of such other finance company or institution; | | |
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| (b) re-organise such finance company by increasing its Capital and arranging for new shareholders and by reconstituting its Board of Directors; or | | |
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| (c) re-construct the finance company in any such manner as it considers to be in the interest of depositors; | | |
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| (d) direct any shareholder of any finance company to divest or transfer the ownership of the shares owned by him, to a person nominated by the Monetary Board, on payment by such person of compensation determined as follows:
| | | (i) where such shares are quoted, at the market value thereof; or |
| (ii) where such shares are not quoted at a price to be determined by a valuer nominated by the Board. |
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Sri Lanka Consolidated Acts