Sri Lanka Consolidated Acts

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Ceylon hotels corporation Act (No. 14 of 1966) - Sect 42

Commencement of business

42. The Corporation shall not commence business until-
(a) the total number of ordinary shares constituting the initial issue of shares have been subscribed by and allotted to the public;
(b) the total number of preference shares constituting such issue have been subscribed by and allotted to the Government and paid for in full; and
(c) a certificate signed by the Minister authorizing the Corporation to commence business has been given.

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