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srilawsby aturio
As enacted
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Part V · Winding Up of Licensed Bank

71. Removal of the liquidator

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

(1)

The court shall remove the liquidator, upon an application made in that behalf by the Head of the

Department established under section 4, where the liquidator-

(a)

has died or been incapacitated to act as the liquidator;

(b)

has submitted a letter of resignation;

(c)

in the opinion of the Central Bank, has failed to exercise, perform or discharge any power, duty, or function of such liquidator or to comply with the terms and conditions imposed on such liquidator under this Part of this Act; or

(d)

becomes ineligible to serve in that capacity in any other manner.

(2)

The court shall, upon removal of the liquidator under the provisions of subsection (1), appoint another person nominated by the Central Bank as the liquidator.

(3)

The Central Bank shall, immediately after the appointment of the liquidator under subsection (2), give notice of appointment of the new liquidator to the licensed bank, and shall publish such notice in the Gazette and at least in three Sinhala, Tamil and English daily newspapers circulating in Sri Lanka.

(4)

The provisions of sections 69 and 70 shall, mutatis mutandis, apply to the liquidator appointed under subsection (2).

Read on from s 72

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