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As enacted
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Part II · Resolution Measures

27. Requirements to fulfill for the transfer of assets and liabilities

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

A transfer of assets and liabilities under section 26

shall not be made by the Central Bank unless –

(a)

the Central Bank is satisfied that the transferee is solvent and complies with applicable regulatory requirements, and capable of carrying out in a competent manner the business of the transferor bank proposed to be transferred, and meeting liabilities of the transferor bank to its depositors and creditors pertaining or relating to the business proposed to be transferred;

(b)

the transferee agrees in writing to comply with such terms and conditions as may be specified by the

Central Bank relating to the manner in which-

(i)

any existing assets of the transferor bank pertaining or relating to the business proposed to be transferred, are to be used and any existing liabilities of the transferor bank pertaining or relating to the business proposed to be transferred are to be met; and

(ii)

any payments due to the Government from the transferor bank are to be made; and

(c)

the transferee agrees to comply with such other directions as the Central Bank may, from time to time, issue to such transferee under this Act.

Read on from s 28

Part III

Sri Lanka Deposit Insurance Scheme

Read on from Part III

Part IV

Financial Sector Crisis Management Committee

Read on from Part IV

Part V

Winding Up of Licensed Bank

Read on from Part V

Schedules