47. Where the Authority is not the sole shareholder of a Corporation
| (1) subject to the provisions of this Act, the provisions of the Companies Ordinance shall, mutatis mutandis, apply to such Corporation in regard to any matter for which there is no provisions in this Act or in any regulation made thereunder; |
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| (2) the Board of such Corporation may make by-laws dealing with such matters as are not provided for by this Act and which matters in the case of a company formed under the Companies Ordinance, would be dealt with in the Articles of Association; |
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| (3) subject to the provisions of this Act, the shareholders may by special resolution direct the Board to amend, vary, alter or resind or add to any by-law made by the Board under subsection (2) in such manner as may be specified in the resolution and the Board shall give effect to such direction; |
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Sri Lanka Consolidated Acts