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

78. Reports to be submitted by liquidator

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

(1)

Within one month from the date of taking charge of the assets, books, records and other information in any form under subsection (3) of section 69, the liquidator shall submit to the Central Bank an interim report containing all assets, claims, contracts, and major transactions of the licensed bank subject to winding up.

(2)

It shall be lawful for any officer authorized by the

Central Bank to submit to the liquidator such information on the assets and liabilities of the licensed bank subject to winding up, available in the custody of such authoriszed officer, which may be required to recognize assets and liabilities of such licensed bank.

(3)

Within two months from the date of the interim report referred to in subsection (1), the liquidator shall submit to the Central Bank a final report of –

(a)

all the assets of the licensed bank, including claims of the licensed bank on account of unpaid subscriptions of share capital of the licensed bank, loan and guarantee agreements and agreements of purchase or sale, together with the book values and estimated liquidation values of such assets;

(b)

major transactions entered into by the licensed bank during the period of ninety days immediately preceding the date of the winding up order;

(c)

the contracts pursuant to which any property of the licensed bank is or will be held by other parties, including sales, rent, lease and such other collateral agreements; and

(d)

the contracts pursuant to which the licensed bank receives services from third parties.

(4)

Within fourteen days from the submission of the final report under subsection (3), the Central Bank may grant approval to, or further develop the same, in consultation with the liquidator.

(5)

The liquidator shall tender to the court a certified copy of the final report approved by the Central bank under subsection (4).

(6)

The liquidator shall update the report tendered to the court under subsection (5) periodically as may be required by the Central Bank and submit the same to the Central

Bank. The provisions of subsections (4) and (5) shall mutatis mutandis apply to such updated report.

Read on from s 79

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