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

75. Termination of fiduciary functions

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

The liquidator shall, as soon as practicable, take steps to –

(a)

cease and terminate all functions discharged by the licensed bank in a fiduciary capacity;

(b)

return all funds and other property held by the licensed bank in a fiduciary capacity, or under bailment, or as bailor of a safe deposit box, to the persons or their legal heirs or representatives who are legally entitled to the ownership of such funds or property, as the case may be; and

(c)

settle the fiduciary accounts of the licensed bank.

Read on from s 76

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