3.
| (1) After the appointed date,-
| | (a) no person, other than the Public Trustee, shall, whether by himself or jointly or in the aggregate with any individual who is his or her spouse or minor child, hold more than two per centum of the total number of shares of the company; and | | |
| | (b) the Board of Directors of the company shall have the power to decide to refuse to register any person as the holder of any share or shares in the company, whether by himself or jointly or in the aggregate with any such individual in excess of the said limitation of two per centum. Notice of such decision shall be sent by such Board by registered letter through the post to such person. | | |
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| (2) Any person who is aggrieved by the decision of the Board of Directors of the company refusing to register him as the holder of any share of the company under subsection (1) may, within the prescribed period, prefer an appeal against such decision to the District Court of Colombo which may, on such appeal, make an order either con firming or setting aside such decision. The procedure to be followed for preferring, and at the hearing of, such appeal shall be as prescribed. |
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| (3) Any order made by the District Court of Colombo on any appeal preferred to it under subsection (2) shall be final and conclusive and shall not be called in question in any other court or tribunal, whether by way of action, application in revision, appeal, writ or otherwise. |
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Sri Lanka Consolidated Acts