34.
| (1) Where the Minister is not satisfied with the manner in which the business of a subsidiary corporation is being carried on or transacted, he may after consultation with the Insurance Corporation, by Order published in the Gazette dissolve the subsidiary corporation. |
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| (2) Where a subsidiary corporation is dissolved by Order made under subsection (1)
| | (a) all movable and immovable property of the subsidiary corporation on the date of publication of the Order shall vest in the Insurance Corporation ; | | |
| | (b) all contracts of the subsidiary corporation subsisting on the date of the publication of the Order shall be deemed to be contracts of the Insurance Corporation, and all rights and liabilities of the subsidiary corporation under such contracts shall be deemed to be the rights and liabilities of the Insurance Corporation; | | |
| | (c) all sums due to the subsidiary corporation on the date of the publication of the Order shall be deemed to be due to the Insurance Corporation and may accordingly be recovered by the Insurance Corporation ; and | | |
| | (d) all sums due from the subsidiary corporation on the date of the publication of the Order shall be deemed to be due from the Insurance Corporation and may accordingly be recovered from the Insurance Corporation. | | |
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| (3) Where a subsidiary corporation is dissolved by Order made under subsection (1), the Minister shall, with the concurrence of the Minister in charge of the subject of Finance, determine the amount of compensation to be paid in lieu of the shares allotted to the workers of such subsidiary corporation. |
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Sri Lanka Consolidated Acts