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As enacted
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Part V · Winding Up of Licensed Bank

97. Savings

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

(1)

The Sri Lanka Deposit Insurance and Liquidity

Support Scheme established by the Monetary Board by virtue of the regulations issued under the Monetary Law Act and subsisting on the day immediately preceding the appointed date shall, with effect from the appointed date, be deemed to be the Deposit Insurance Scheme of the Central

Bank under this Act.

(2)

The Sri Lanka Deposit Insurance and Liquidity

Support Fund established by the Monetary Board by virtue of the regulations issued under the Monetary Law Act and subsisting on the day immediately preceding the appointed date shall, with effect from the appointed date, be deemed to be the Deposit Insurance Fund of the Central Bank under this Act.

(3)

The amount lying to the credit of the Sri Lanka Deposit

Insurance and Liquidity Support Fund established by the

Monetary Board by virtue of the regulations issued under the Monetary Law Act and subsisting on the day immediately preceding the appointed date shall, with effect from the appointed date, be deemed to be the amount lying to the credit of the Deposit Insurance Fund under this Act.

(4)

All rights, obligations, assets, properties, liabilities, powers, privileges and authorities attributed to the Sri Lanka

Deposit Insurance and Liquidity Support Scheme established by the Monetary Board by virtue of the regulations issued under the Monetary Law Act, and interests arising in or out of such rights, assets, properties and such liabilities of the said Scheme and subsisting on the day immediately preceding the appointed date, shall, with effect from the appointed date, be deemed to be rights, obligations, assets, properties, liabilities, powers, privileges, authorities and interests of the Deposit Insurance Scheme under this Act.

(5)

(a)

all premia or additional premia collected from member institutions;

(b)

all penalties imposed on member institutions;

(c)

all payments of compensation paid and to be paid to depositors of member institutions whose licences have been cancelled by the

Monetary Board;

(d)

all the secured loans or advances granted to any member institutions and any recovery thereof, and all collaterals pledged against such loans or advances, as the case may be;

(e)

all the investments made and any return received thereon;

(f)

all or any books, accounts and records relating or appertaining to, any other property maintained; and

(g)

all or part of the taxes, duties, levies or any other charges of similar nature paid, by the Sri Lanka Deposit Insurance and Liquidity Support

Scheme established by the Monetary Board by virtue of the regulations issued under the Monetary Law Act, subsisting on the day immediately preceding the appointed date shall, with effect from the appointed date, be deemed to be premia or additional premia collected, penalties imposed, payment of compensation paid or to be paid, secured loans or advances granted, and collaterals pledged, investments made and returns received, books, accounts and records maintained, and taxes, duties, levies or charges paid by the

Deposit Insurance Scheme under this Act.

(6)

With effect from the appointed date, every reference to the Sri Lanka Deposit Insurance and Liquidity Support

Scheme established by the Monetary Board under the

Monetary Law Act in any regulation, notification, contract, instrument, record, share certificate, document, deed, bond, agreement, guarantee, power of attorney, grant of legal representation and other instruments of whatever nature shall be deemed to be a reference to the Sri Lanka Deposit Insurance

Scheme under this Act to give effect to the provisions thereof.

(7)

Any agreement, memorandum of understanding or contract entered into by the Monetary Board with any other regulatory, supervisory or state authority, whether in or outside Sri Lanka, in respect of the exercise of resolution authority and cross-border cooperation and subsisting on the day immediately preceding the appointed date shall, with effect from the appointed date, be deemed to be an agreement, memorandum of understanding or contract entered into by the Central Bank under this Act.

(8)

Notwithstanding the operation of this Act, any resolution measure or early intervention measure taken by the Monetary Board or any other officer of the Central Bank authorized in that behalf by the Monetary Board under the

Monetary Law Act, the Banking Act or the Finance Business

Act, as the case may be, and continuing on the day immediately preceding the appointed date shall be deemed to be a resolution measure or an early intervention measure taken under this Act and shall be continued under the said

Acts for such period as the Monetary Board may determine.

Read on from s 98

Schedules