9. Amendment of section 16 of the principal enactment

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

Section 16 of the principal enactment is hereby amended as follows :—

(1)

by the repeal of subsection (1) of that section and the substitution therefor of the following subsection:—

"(1)

No company other than a licensed commercial bank or a licensed specialised bank shall, except with the prior written approval of the Monetary

Board, use as part of its name or its description any of the words “bank”, “banker” or “banking”, or any of its derivatives or its transliterations, or their equivalent in any other language and no licensed commercial bank or a licensed specialized bank shall carry on business in Sri Lanka unless it uses as part of its name at least one of such words :

Provided however, a licensed commercial bank or a licensed specialised bank incorporated outside Sri

Lanka which does not have the word “bank”, “banker”

or “banking” in any language in its name may carry on business in Sri Lanka notwithstanding the omission of these words in its name.”;

(2)

by the repeal of subsection (3) of that section and the substitution therefor of the following subsection :—

“(3)

Nothing in this section shall apply—

(a)

to a subsidiary of a licensed commercial bank or of a licensed specialised bank established in accordance with the provisions of this Act or any directions given hereunder;

(b)

to any association of licensed commercial banks or licensed specialised banks formed for the protection of their interests;

(c)

to a trade union registered under the Trade

Union Ordinance (Chapter 138), which is an association or combination of workers who are employees of a banking institution within the meaning of section 127 of the Monetary Law Act, or of the

Central Bank or of a licensed specialised bank;

(d)

to an agency, institution, person or body of persons which is a banking institution in terms of paragraph (b) or paragraph (d)

of the definition of the expression

“banking institution” in section 127 of the Monetary Law Act;

(e)

to the use of the words in the manner restricted under subsection (1) for the purpose of incorporating or changing the name of a company during the period of validity of a letter of Provisional

Approval issued under section 3 or section 76B;

(f)

to the representative office of a commercial bank incorporated or established outside Sri Lanka.”.

Read on from s 10