2.
| (1) Where the Cabinet of Ministers considers it necessary that a company should be incorporated for the purpose of taking over the functions of any public corporation or part thereof or taking over and carrying on any business undertaking acquired by, or vested in, the Government under the Business Undertakings (Acquisition) Act, No. 35 of 1971, or any part thereof, the Minister may, in consultation with the Minister in charge of the subject of Finance, forward a memorandum and articles of Association to the Registrar of Companies, together with a direction to such Registrar to register such public corporation or business undertaking, or any part thereof, as a public company under the Companies Act, No. 17 of 1982. |
|
| (2) Notwithstanding any other provisions of the Companies Act, No. 17 of 1982, on receipt of a direction under subsection (1) the Registrar of Companies shall
| | (i) issue a certificate of incorporation under section 15 (1) of the Companies Act, No. 17 of 1982, in the name referred to in the direction under subsection (1) ; and | | |
| | (ii) publish an Order in the Gazette declaring that a public company is incorporated in the name specified in the Order to take over the functions of the public corporation specified in the Order or such part of the corporation as specified therein or to take over and carryon the business undertaking specified in such Order or such part of such business undertaking as is specified therein. | | |
|
|
| (3) Upon the publication of the Order referred to in subsection (2) in the Gazette, the Registrar of Companies shall allot all the shares into which the share capital of the company is divided to the Secretary to the Treasury, (in his official capacity) for and on behalf of the State. |
|
| (4) No stamp duty shall be payable under the Stamp Duty Act, No, 43 of 1982, on the allotment of shares to the Secretary to the Treasury under subsection (3). |
|
|
Sri Lanka Consolidated Acts