2. The following new section is hereby inserted immediately after section 36, and shall have effect as section 36a, of the Government-Sponsored Corporations Act: -
| 36A.
| | (1) Notwithstanding anything in any other provision of this Act, the Minister, with the approval of the Government, may, at any time before any shares of the Government in the capital of the Corporation are sold to the public, by Order published in the Gazette dissolve the Corporation with effect from such date as shall be specified in the Order. | | |
| | (2) Where the Corporation is dissolved by Order made and published under subsection (1) of this section-
| | | (a) all the movable and immovable properties of the Corporation shall vest in and be the properties of the Crown; |
| (b) all contracts of the Corporation shall be deemed to be contracts of the Crown and all the subsisting rights and liabilities of the Corporation under those contracts shall be deemed to be the rights and liabilities of the Crown ; |
| (c) all sums due to the Corporation shall be deemed to be due to the Crown and may accordingly be recovered by the Crown ; and |
| (d) all sums due from the Corporation shall be deemed to be due from the Crown and may accordingly be recovered from the Crown.". |
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Sri Lanka Consolidated Acts