41.
| (1) Where the holder of a licence being a limited liability company becomes bankrupt or is adjudged an insolvent, the licence shall be deemed to be terminated from the date on which such company becomes bankrupt or adjudged insolvent. |
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| (2) Where the holder of a licence dies or becomes bankrupt or is adjudged an insolvent, the licence shall be deemed to be terminated with effect from the date on which the licensee dies or is adjudged a bankrupt or insolvent. |
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| (3) Where the holder of a licence being a partnership is dissolved the licence shall be deemed to be terminated with effect from the date of dissolution of the partnership. |
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Sri Lanka Consolidated Acts