5. The following new section is hereby inserted immediately after section 9 and shall have effect as section 9A of the principal enactment:
| 9A.
| | (1) Every person whether a body corporate or not who proposes to acquire any shares in the capital or any assets of a body corporate or of any other person, the acquisition of which may result in the creation of a merger situation within the meaning of this Act, shall give written notice of the proposed acquisition to the Commission, not less than thirty days prior to the date of the said proposed acquisition. | | |
| | (2) The Commission shall within twenty-one days of the receipt of the notice referred to in subsection (1) inform in writing the person who gave such notice
| | | (a) that the Commission has no objection to the proposed acquisition of shares or assets; or |
| (b) that the Commission will communicate its decision after holding an investigation or inquiry relating to the matter.". |
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Sri Lanka Consolidated Acts