Skip to content
srilawsby aturio
As enacted
Contents

Part III · Sri Lanka Deposit Insurance Scheme

40. Administration and management of the Scheme

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

(1)

The Central Bank shall be responsible for the administration and management of the Scheme and shall exercise, perform, and discharge all the powers, duties and functions conferred or imposed on, or assigned to it under this Act for the effective implementation of the Scheme.

(2)

In relation to the administration and management of the Scheme under this Act or any other written law, the

Central Bank may-

(a)

formulate policies in relation to the general administration of the Scheme;

(b)

set out the organizational arrangements relating to the exercise, performance and discharge of the powers, duties and functions in relation to the

Scheme in order to prevent a conflict of interest or possible conflict of interest between the functions of the Scheme and other functions of the

Central Bank;

(c)

make rules setting out the procedure for repaying the insured deposits by utilizing the moneys available in the Fund; and

(d)

make any other arrangement which the Central Bank considers necessary to ensure the effective administration and management of the Scheme.

(3)

The Central Bank may delegate any power, duty and function relating to the day-to-day administration and management of the Scheme to any officer of the

Central Bank.

Read on from s 41

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