Bank of Ceylon (Amendment) Act 1980

This Act may be cited as the Bank of Ceylon

(Amendment) Act, No. 60 of 1980.

Section 7 of the Bank of Ceylon Ordinance (herein-atter referred to as the “ principal enactment ”}, as amended by Law No. 10 of 1974, is hereby repealed and ihe following new section substituted therefor :—

“ Capital.

7. (1) The authorized capital of the bank shall be one thousand million rupees divided into one million shares of one thousand rupees each,

The paid-up capital of the bank shall be such ammount as may be determined from time to time by the Minister by Order published in the Gazette.

The liability of the Government at any time as sole shareholder shall be limited to the total amount of the capital represented by the shares held for the time being by the

Section 33 of the prixcipal enactment as amended by

Law No. 10 of 1974, is hereby repealed and tne follawins new section substituted therefor :—

“ Minister

The Minister may from time to time to give

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directions, give general or special dir-ctions in writing to the Board as to the performance of the duties and the exercise of the powers of the bank and it shall be the duty of the Board to comply with such directions. ”.

2~A 53855—12,100 (81/01)

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