242.
| (1) Subject to the provisions of subsection (2), the Registrar may, having regard to the national interest, or in the interest of the national economy, issue a certificate of registration to an off-shore company for the carrying on of its business outside the shores of Sri Lanka where such off-shore company
| | (a) makes payment of the prescribed fee ; and | | |
| | (b) produces to the Registrar, a certificate from a bank that the prescribed sum to defray the expenses of the off-shore company for the purposes of its office in Sri Lanka has been deposited to the credit of a bank account in such bank in the name of such offshore company. | | |
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| (2) Before the Registrar issues the certificate of registration to the off-shore company under the provisions of this section he shall satisfy himself that
| | (a) in the case of a company incorporated abroad that there is no legal impediment in the country of incorporation to such company engaging in the business of an off-shore company ; | | |
| | (b) the issue of such certificate does not render defective any legal or other proceedings instituted or to be instituted by or against the company, | | |
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| (3) The Registrar may for good cause cancel the registration and upon such cancellation such off-shore company-shall cease to enjoy the privileges and benefits granted under this Part or under any other written law. |
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Sri Lanka Consolidated Acts