41. 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 paragraph (b) of subsection (3) thereof, -

(a)

by the repeal of subparagraph (i), and the substitution therefor of the following:-

“(i)

where the bank is incorporated or established within Sri Lanka by or under any written law, proceedings for the winding up of the bank shall commence under the provisions of any written law for the time being in force, which specifically provides for the winding up of the licensed commercial banks and licensed specialised banks in Sri Lanka.”;

(b)

by the repeal of subparagraph (ii) thereof, and the substitution therefor of the following:-

“(ii)

where the bank is incorporated outside

Sri Lanka, the business of such bank authorized under the licence issued under section 76A shall be closed down and its affairs shall be wound up under the provisions of any written law for the time being in force, which specifically provides for the winding up of the licensed commercial banks and licensed specialised banks in Sri

Lanka.”; and

(2)

by the repeal of subsections (3A), (3B), (3C), (3D), (3E), (3F) and (3G) thereof.

Read on from s 42