2. The following provisions shall, on the appointed date, apply in respect of the company which was, on the day immediately prior to that date, carrying on business under the name of The Associated Newspapers of Ceylon, Limited: -
| (a) Such company, hereinafter in this Law referred to as " the company ", shall be, for the purposes of the Companies Ordinance, a company other than a private company within the meaning of that Ordinance. |
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| (b) Not less than seventy-five per centum of the total number of all the shares of the company shall vest in the Public Trustee on behalf of the Government, and the company shall register the Public Trustee, under the title " The Public Trustee on behalf of the Government of Sri Lanka ", as the holder of such shares of the company, and shall issue the necessary share certificates to the Public Trustee under that title. |
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| (c) From and after the appointed date, persons who were shareholders of the company in terms of the Annual Return in Companies Form 63 made up to the fourth day of January, 1972, and tendered to the Registrar of Companies, shall not be entitled to more than twenty-five per centum of the total number of shares in the company: |
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| (d) In accordance with the preceding provisions of this section, the persons whose names and addresses are specified in the entries in Column I of the Schedule to this Law, being persons who were shareholders of the company in terms of the Annual Return in Companies Form 63 made up to the fourth day of January, 1972, and tendered to the Registrar of Companies, may hold shares in the company in such numbers as are specified in the corresponding entries in Column II of that Schedule. |
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| (e) The balance shares of the company shall vest in the Public Trustee on behalf of the Government in terms of the provisions of paragraph (b). |
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| (f) The memorandum and articles of association of the company shall, with effect from the appointed date, cease to be in force. |
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| (g) The new memorandum and articles of association of the company shall be as prescribed. |
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| (h) Any transfer of the ownership of shares in the company made on or after the fourth day of January, 1972, shall be void. |
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Sri Lanka Consolidated Acts