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23. Amendment of section 66 of the principal enactment

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

Section 66 of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor of the following new subsection:—

“(1) The claims set out hereunder shall have priority as against the general assests of the licensed commercial bank in the order indicated below :—

(a)

necessary and reasonable expenses incurred by the liquidator in winding up ;

(b)

wages and salaries of officers and employees of the bank for the three month period immediately preceding the commencement of winding up proceedings ;

(c)

taxes, rates and deposits owed to the

Government and local authorities by the licensed commercial bank ;

(d)

fees and assessments due to the Central Bank ;

(e)

funds deposited in any account with the licensed commercial bank with interest accrued thereon, up to a limit of rupees twenty thousand in respect of any account; and

(f)

other deposits with interest if any, accrued thereon.”.

Read on from s 24