17. Insertion of new section 44A in the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

The following new section is hereby inserted immediately after section 44 of the principal enactment and shall have effect as section 44A of that enactment :—

44A. (1) The Chief Executive Officer and such other officers of a licensed commercial bank performing executive functions as may be determined by the Monetary Board shall be fit and proper persons and the provisions of subsection (2) of section 42 shall, mutatis mutandis, apply in determining whether the

Chief Executive Officer and such other officers performing executive functions are fit and proper persons.

(2)

The provisions of subsections (5) (6), (8), (9) and (10) of section 42 shall apply to the

Chief Executive Officer and officers performing executive functions referred to in subsection (1) of this section and to the licensed commercial bank of which such person is a

Chief Executive Officer or an officer performing executive functions as they apply to a director of a licensed commercial bank and to the licensed commercial bank of which such person is a director.”.

Read on from s 18