Sri Lanka Consolidated Acts

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Foreign Companies (Special Provisions) Law (No. 9 of 1975) - Sect 4

Section 58 of the Finance Act, No. 11 of 1963, not to apply to transfer of shares in the Sri Lanka company to shareholders of the foreign company

4. The provisions of section 58 of the Finance Act, No. 11 of 1963, shall not apply to-
(a) the transfer by the foreign company of shares in the Sri Lanka company to persons who are shareholders in 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
(b) the transfer of any share in the Sri Lanka company held in trust for the foreign company by a nominee of the foreign company to any other nominee of that foreign company to be held in trust for the foreign company.

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