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srilawsby aturio
As enacted
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4. Replacement of section 5 of the principal enactment

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

Section 5 of the principal enactment is hereby repealed and the following section substituted therefor :—

5. (1) Where the Monetary Board is satisfied that a licence may be issued to a company or a proposed company to carry on banking business, it may, with the approval of

“Issue of licence.

the Minister, issue a licence to the company or proposed company to carry on banking business in Sri Lanka subject to such terms and conditions as may be imposed by the Monetary

Board.

(2)

The licence issued under subsection (1)

shall specify —

(a)

whether it authorizes the company to carry on domestic banking business or off-shore banking business or both such businesses;

(b)

the place or places or the area within which such banking business may be carried on; and

(c)

the terms and conditions subject to which such licence is issued.

(3)

Every licensed commercial bank shall display a copy of the licence issued to it under subsection (1) in a conspicuous place at its principal place of business in Sri

Lanka and each of its branches.”.

Read on from s 5