Banking (Special Provisions) Act 2023 · As enacted · Part V · Winding Up of Licensed Bank
88. Termination of winding up proceedings and revocation of licence
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Upon completion of the winding up, the liquidator shall prepare and submit to the court for its approval, an audited statement of accounts and a report of winding up of the licensed bank, together with an opinion of an external auditor.
The audit referred to in subsection (1) shall be conducted by an external auditor appointed by the Central
Bank in consultation with the Auditor-General.
The external auditor shall be paid a remuneration out of the assets of the licensed bank.
The external auditor’s opinion referred to in subsection (1) shall state-
whether the statement of accounts of the liquidator is true and fair and has been properly drawn up;
whether the statement of accounts of the liquidator exhibits a true and correct statement of the dealings of the liquidator with the assets of the licensed bank;
where such external auditor has called for any explanation or information from the liquidator, whether the explanation or information provided by the liquidator is satisfactory; and
whether the liquidator has acted in accordance with the directions given by the Central Bank.
The court may approve the audited statement of accounts and the report of winding up and direct the liquidator to deposit the books and records of the licensed bank and other documents relating to the winding up in a place as the court may deem appropriate.
Upon the receipt of the approval under subsection (5), the liquidator shall publish a notice of such approval for the information of the public at least in three Sinhala, Tamil, and English daily newspapers circulating in Sri Lanka.
Upon the publication of the notice of approval under subsection (6), if such notice relates to a company registered under the provisions of the Companies Act, the liquidator shall inform the Registrar-General of Companies to strike-off the name of the company from the register maintained by the Registrar-General of Companies under the provisions of the Companies Act.
Thereupon, the Registrar-General of Companies shall strike off the name of such company from the register and publish a notice to that effect in at least three Sinhala, Tamil and English daily newspapers circulating in Sri Lanka.
From the date of publication of a notice striking off the name of a company under subsection (7), the proceedings of winding up against the licensed bank shall terminate, and the company shall stand dissolved.
The approval by the court of the audited statement of accounts and the report of winding up discharges and relieves the liquidator from any liability in connection with the winding up of the licensed bank.
The dissolution of a company under subsection (8)
shall not affect the liability under this Act or any other written law of any director, chief executive officer, other officer or owner of the company, and such liability shall continue and may be enforced as if the company had not been dissolved.