17.
| (1) Every institution set out in Column I hereunder shall, within five years of the appointed date, contribute to the capital of the Corporation, an amount equal to the amount specified in the corresponding entry in column II hereunder- |
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| (2) Upon the members of the building society registered under the National Housing Act (Chapter 401) as the Housing Development Finance Corporation of Sri Lanka Ltd, resolving to transfer its assets and liabilities to the Corporation, every person who held shares in the Housing Development Finance Corporation of Sri Lanka Ltd., on the day preceding the date of the resolution, shall be allotted shares in the Corporation equal to the value of the shares held by him on that day in the Housing Development Finance Corporation of Sri Lanka Ltd. |
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| (3)The balance of the shares referred to in subsection (2) of section 16, after the allotments made under subsection (2) of this section, shall be offered for sale to the public in such manner as may be determined by the Board. |
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| (4) After the sale of shares to the public, under subsection (3) is completed, the Corporation shall repay to the institutions referred to in subsection (1), the respective contributions made by such institutions under that subsection to the capital of the Corporation. |
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| (5)
| | (1) The Corporation shall not allot any shares, or register any shares-
| | | (a) in the name of any company, incorporated body or an individual if such allotment or registration would result in such company, incorporated body or individual owning more than fifteen per centum, of the total issued share capital of the Corporation ; |
| (b) in the name of a company and any one or more of the following :-
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| (c) in the name of an individual and of any one or more of the following :-
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| (6) For the purpose of subsection (1) - |
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Sri Lanka Consolidated Acts