3. Insertion of section 2A in the principal enactment

The following section is hereby inserted immediately after section 2 of the principal enactment and shall have effect as section 2A of that enactment:-

2A. The following matters shall be taken into consideration by the Central Bank in determining whether a company is eligible to apply for a licence under this Act:-

compliance with the initial capital requirements as may be determined by the Central Bank, from time to time;

the nature and adequacy of the financial resources as a means of continuing financial support for the licensed commercial bank to be established in

the capital and other funding sources shall not derive from unlawful activities;

suitability of material shareholders in terms of subsection (1B) of section 12;

fitness and propriety of directors, chief executive officer and officers performing executive functions or any other person proposed to be appointed to any of the above positions, as the case may be, in terms of the criteria set out in subsection (2) of section 42;

track record for operating in a manner consistent with the standards of good governance and integrity;

transparency in ownership structure and the beneficial ownership;

establishment of a licensed commercial bank in Sri Lanka will be in the interest of the viability and stability of the banking system and the interest of the national economy; and

compliance with any other requirements under this Act or any other written law in Sri Lanka or outside Sri Lanka.”.