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srilawsby aturio
As enacted
Contents

Part XVIII · General Provisions

121. Indemnification for costs in legal proceedings

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

(1)

The Governor of the Central Bank, other members of the Governing Board and Monetary Policy Board, employees of the Central Bank, every person who has been a member of any of such Board or an employee of the Central

Bank shall be indemnified by the Central Bank for all losses and expenses incurred by him after appointed date in or about the exercise, performance and discharge of his powers, duties and functions under this Act, other than such losses and expenses as the Governing Board may deem to have been constituted due to his misconduct or willful default.

(2)

For the purpose of subsection (1), every person who has the benefit of such indemnity shall be entitled to seek legal advice or obtain legal representation in respect of any inquiry or investigation conducted by any statutory authority or any legal proceedings instituted against such person. The

Central Bank shall pay such cost as may be reasonably incurred in respect of such inquiry or investigation or proceedings, as and when such cost is incurred:

Provided however, where it is held that a person is not entitled to be indemnified by the Central Bank due to misconduct or willful default on the part of such person, he shall be forthwith required to reimburse the Central bank on demand, the total cost so incurred by the Central Bank. The amount so demanded shall constitute a debt due from such person to the Central Bank until reimbursed.

Read on from s 122

Part XIX

Repeals and Savings

Read on from Part XIX