379.
| (1) A body corporate or any director or secretary of the company shall not be qualified for appoint receiver or manager of the property of a company. |
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| (2) Nothing in this section shall disqualify a body corporate from acting as receiver if acting under an appointment made before the appointed date, but subject to the provisions of subsection (1), any body corporate which acts as receiver shall be guilty of an offence and shall be liable to a fine not exceeding one thousand rupees. |
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Sri Lanka Consolidated Acts