ICCSSL Business Law Practice Questions - ICCSSL Business Law Module (Subject 2306) Exam

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Which of the following describes a major reform introduced by the Sri Lankan Companies Act No. 7 of 2007 regarding share capital?

It mandated a minimum par value of Rs. 10 for all shares. It completely abolished the concept of par value or nominal value for shares. It prohibited companies from issuing ordinary shares without voting rights. It required all companies to maintain a capital redemption reserve.

Correct Answer:

It completely abolished the concept of par value or nominal value for shares.

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