3. Notwithstanding anything to the contrary in any other written law-
| (a) the foreign company shall be exempt from the payment of stamp duty-
| | (i) on any instrument which is executed by, or on behalf of, or in favour of, the foreign company in connection with the transfer of its business, assets and liabilities to the Sri Lanka company and on which but for the exemption granted by this provision, the foreign company would be liable to pay the stamp duty, and | | |
| | (ii) on the transfer by the foreign company to any of its shareholders of any shares held in the Sri Lanka company by the foreign company if such transfer is made within twelve months after the allotment of the shares to the foreign company by the Sri Lanka company and if the shares are transferred to such shareholders in the same proportion in which such shareholders held shares in the foreign company immediately prior to such transfer; and | | |
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| (b) the Sri Lanka company shall be exempt from the payment of stamp duty-
| | (i) on any instrument which is executed by, or on behalf of, or in favour of, the Sri Lanka company in connection with the transfer to the Sri Lanka company of the business, assets and liabilities of the foreign company and on which but for the exemption granted by this provision, the Sri Lanka company would be liable to pay the stamp duty, and | | |
| | (ii) on the share certificates relating to the shares in the Sri Lanka company allotted to the foreign company and to not more than nine nominees of the foreign company each nominee holding not more than one share in trust for the foreign company. | | |
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Sri Lanka Consolidated Acts