Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsWhen a people's company shall be deemed to be public company or a private company
| 240. Where at any time the number of persons constituting the membership of a people's company is reduced to below fifty and remains below fifty for a period or more than six months, such company shall cease to be a people's company and shall be deemed for all purposes to be a public company within the meaning of this Act and where such number is reduced to below seven such company shall be deemed to be a private company and the provisions of this Act relating to public companies or private companies, as the case may be, shall apply. |