70.
| (1) In the winding up of an insurer, the value of the assets and liabilities of the insurer shall be ascertained in such manner and upon such basis as the liquidator thinks fit. subject, as far as practicable in accordance with rules made by the Board in that behalf, and any directions which may he given by the District Court. |
|
| (2) For the purposes of any reduction by the District Court of the amounts of the contracts of an insurer, the value of the assets and liabilities of the insurer and all chums in respect of policies issued by the insurer shall be ascertained in such manner and upon such basis as the Court thinks proper, having regard to any rules that may be made in that behalf by the Board. |
|
|
Sri Lanka Consolidated Acts