32. Amendment of section 76M of the principal enactment

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

Section 76M of the principal enactment is hereby amended as follows :—

(1)

in subsection (3) of that section—

(a)

by the substitution for the words “period of sixty days” of the words “period of six months”;

(b)

by the repeal of paragraph (b) thereof and the substitution therefor of the following paragraph:–

“Procedure where licensed specialized banks follow unsafe practices.

“(b)

to cancel the licence issued to such licensed specialised bank and —

(i)

where the bank is incorporated or established within Sri Lanka by or under any written law, proceedings for the compulsory winding up of the bank shall commence and the provisions of Part VIII shall, mutatis mutandis, apply to such winding up;

(ii)

where the bank is incorporated outside

Sri Lanka, the business of the bank authorised under the licence issued under section 76A shall be compulsorily closed down and its affairs shall be wound up and the provisions of Part VIII shall, mutatis mutandis, apply to such compulsory closure;”;

(2)

by the repeal of subsection (4) of that section and the substitution therefor of the following subsections :—

“(4)

A licensed specialised bank incorporated or established within Sri Lanka may be voluntarily wound up and the provisions of Part VIII shall, mutatis mutandis, apply to such voluntary winding up.

(5)

A licensed specialised bank incorporated outside Sri Lanka may voluntarily close down its business authorised under the licence issued under section 76A and the provisions of Part VIII shall, mutatis mutandis, apply to such closure.”.

Read on from s 33