Sri Lanka Consolidated Acts

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Insurance (Special Provisions) Act (No. 22 of 1979) - Sect 35

Dissolution of an independent corporation

35.
(1) Where the Minister is not satisfied with the manner in which the business of an independent corporation is being carried on or transacted, he may after consultation with such corporation, by Order published in the Gazette, dissolve such corporation.
(2) Where an independent corporation is dissolved by Order made under subsection (1)
(a) all movable and immovable property of the corporation on the date of the publication of the Order shall vest in the State ;
(b) all contracts of such corporation subsisting on the date of the publication of the Order shall be deemed to be contracts of the State and all rights and liabilities of such corporation under such contracts shall be deemed to be the rights and liabilities of the State ;
(c) all sums due to such corporation on the date of the publication of the Order shall be deemed to be due to the State and may accordingly be recovered by the State; and
(d) all sums due from such corporation on the date of the publication of the Order shall be deemed to be due from the State and may accordingly be recovered from the State.
(3) Where an independent 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 corporation, to any Government department or public corporation.


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