3.
| (1) The Minister may, at any time after the coming into operation of this Act, forward to the Registrar of Companies a Memorandum and Articles of Association duly approved by the Monetary Board together with a direction to such Registrar requiring him to register the National Development Bank of Sri Lanka as a public company under the Companies Act, No. 17 of 1982, in such name as is specified by the Minister in such direction. |
|
| (2) Notwithstanding anything contained in the Companies Act, No. 17 of 1982, the Registrar of Companies shall, on receipt of a direction under subsection (1)-
| | (a) issue a Certificate of Incorporation under subsection (1) of section 15 of the aforesaid Act, in such name as is specified in the direction under subsection (1); and | | |
| | (b) publish an Order in the Gazette declaring that from the specified date a public company is incorporated in the name specified in the direction under subsection (1), (hereinafter referred to as "the company") to take over and carry on the business of the National Development Bank of Sri Lanka as a going concern. | | |
|
|
|
Sri Lanka Consolidated Acts