Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

People's Bank Act (No. 29 of 1961) - Sect 13

Sale of shares

13.
(1) No shareholder of the Bank shall sell his shares to any person other than a co-operative society or the Secretary to the Treasury in his official capacity.
(2) The Secretary to the Treasury on being authorized in that behalf by the Minister of Finance may sell to any co-operative society any shares held by him for and on behalf of the Crown at not less than the par value of those shares, and the proceeds of the sale shall be paid to the Consolidated Fund of Ceylon.
(3) The Secretary to the Treasury may, with the approval of the Minister of Finance, purchase any shares offered to him for purchase under subsection (1), and the purchase price shall be paid out of the Consolidated Fund of Ceylon. All shares purchased by the Secretary to the Treasury shall be held by him for and on behalf of the Crown.


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]