380.
| (1) Where any person being an uncertificated insolvent or undischarged bankrupt acts as receiver or manager of the property of a company on behalf of the debenture holders or other creditors, he shall, subject to the provisions of subsection (2), be guilty of an offence and shall be liable to a fine not exceeding five thousand rupees or to imprisonment of either description for a term not exceeding two years or to both such fine and imprisonment. |
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| (2) The provisions of subsection (1) shall not apply to a receiver or manager where
| | (a) the appointment under which he acts and the insolvency or bankruptcy, as the case may be. were both made before the appointed date ; or | | |
| | (b) its acts under an appointment made by order of a court. | | |
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Sri Lanka Consolidated Acts