62.
| (1) A participant shall not be entitled to sell, assign, charge or otherwise in any manner whatsoever to alienate or encumber any shares in the Bank, except with the prior consent in writing of the Board of Directors and except to or in favour of a person approved by such Board for the purpose. |
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| (2) If any Agreement concluded under section 57 contains provision specifying the circumstances in which the con sent of the Board of Directors to any proposed sale or alientation of the shares of a Participant who is a party to such Agreement shall not be withheld, such provision shall have effect as though it were herein enacted. |
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| (3) No shares of a Participant in the Bank shall, except with the prior consent of the Board of Directors conveyed in writing to the Participant by the General Manager be or be liable to be sold in execution of any order or decree of any court or by any assignee in insolvency of the Participant, or if the Participant is a company, by any liquidator or otherwise in the course of any proceedings for the winding- tip of the company. |
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| (4) Where application is made to the Board of Directors for such prior consent as is required by subsection (1) or subsection (3), the Board may, in lieu of granting such consent, determine that the shares to which the application relates shall be acquired by any of the other shareholders. |
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| (5) The preceding provisions of this section shall have effect notwithstanding anything in any written or other law, and in the event of any conflict or inconsistency between such preceding provisions and anything in any written or other law, such provisions shall prevail. |
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Sri Lanka Consolidated Acts