54.
| (1) The administrator shall conduct the management of the business of the insurer with the greatest economy compatible with efficiency and shall, as soon as may be possible, file with the Controller a report stating which of the following courses is in the circumstances most advantageous to the general interests of the holders of life assurance policies, namely: -
| | (a) the transfer of the business to such an institution as the Controller may, with the approval of the Minister, determine, or | | |
| | (b) the winding up of the insurer, or | | |
| | (c) such other course as he may deem advisable. | | |
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| (2) On the filing of the report with the Controller, the Controller may take such action as he thinks fit for protecting and promoting the interests of the holders of insurance policies in general. |
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| (3) Any act done by the Controller in pursuance of the powers vested in him under subsection (2) shall have effect,-
| | (a) if the insurer is a company, notwithstanding anything in the memorandum or articles of association of that company, and | | |
| | (b) if the insurer is a person other than a company, notwithstanding anything in the instrument of incorporation of such insurer. | | |
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Sri Lanka Consolidated Acts