21.
| (1) In the liquidation of a public corporation, the funds of the corporation shall be applied first to the cost of liquidation and then to the discharge of the liabilities of the corporation. |
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| (2) When the liquidation of a public corporation has been closed, a notice of liquidation shall be published in the Gazette and no action in respect of any claim against the corporation shall be maintainable, unless it is commenced within two years from the date of the publication of such notice in the Gazette. |
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| (3) Any surplus remaining after the application of funds to the purposes specified in sub-section (1) and the payment of any claim for which an action has been instituted under sub-section (2) shall be vested in the Secretary to the Treasury. |
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Sri Lanka Consolidated Acts