2.
| (1) Where in consequence of the operation of the Companies (Special Provisions) Law, No. 19 of 1974, any undertaking carried on in Sri Lanka by any company registered or incorporated outside Sri Lanka (hereinafter in this Law referred to as the " foreign company") and the assets and liabilities in Sri Lanka of the foreign company in respect of that undertaking are transferred at their book value on or before the relevant date to any Sri Lanka company, and where the aggregate of -
| | (a) the nominal value of the shares in the Sri Lanka company allotted, in consequence of the transfer, to the foreign company or to the foreign company and to not more than nine nominees of the foreign company each such nominee being a person holding not more than one share in trust for the foreign company; and | | |
| | (b) any capital reserve created in the Sri Lanka company in consequence of the transfer, | | |
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| (2) For the purposes of subsection (1)- |
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Sri Lanka Consolidated Acts