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Part III · Sri Lanka Deposit Insurance Scheme

57. Application of certain provisions of the Act to non-bank financial institutions

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

(1)

The Central Bank may, from time to time, by Order, declare that the provisions of Part I and Part II of this Act relating to resolution of licensed banks shall apply to any class or category of non-bank financial institutions licensed or appointed, and regulated and supervised by the Central

Bank (hereinafter referred to as a "non-bank financial institution"), where the Central Bank is satisfied that it is necessary to-

(a)

promote monetary and financial system stability;

or

(b)

protect the interests of the public in respect of the business or activities carried on by such class or category of non-bank financial institutions.

(2)

Where an Order is made under this section by the

Central Bank, any reference made in this Act to the Director of Bank Supervision shall, where appropriate, be deemed to have been made to the Director, the Department of

Supervision of Non-bank Financial Institutions of the

Central Bank.

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