20.
| (1) Where a licence issued to an insurer under this Act is cancelled or suspended under subsection (4) of section 18, and the Board is of the view that national and public interest requires that administration and management of the insurance business of such insurer should be taken over by an administrator, the Board may inform the Minister of that fact and the Minister may. by notice published in the Gazette, appoint an administrator to manage and administer such business under the direction and control of the Board, for such period as shall be specified in the notice. The period so specified may, where necessary be extended in like manner from time to time. |
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| (2) The Board shall cause a copy of the notice to be served on the Registrar of Companies, who shall be required to make an entry in the record maintained by such Registrar, relating to such insurance company. |
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Sri Lanka Consolidated Acts