As enacted

Contents

Central Bank of Sri Lanka Act 2023 · As enacted · Part XIX · Repeals and Savings

134. Savings

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

With effect from the appointed date, notwithstanding any provision in any other law-

(a)

the capital of the Central Bank under the Monetary

Law Act (Chapter 422) (in this Act referred to as the “repealed Act”) on the day immediately preceding the appointed date shall be deemed to be the capital of the Central Bank under this Act as at the appointed date;

(b)

the employees of the Central Bank under the repealed Act, holding office on the day immediately preceding the appointed date shall be deemed to be the employees of the Central Bank under this

Act with effect from the appointed date and such employees shall continue to hold office in the

Central Bank under this Act on terms and conditions not less favourable than the terms and conditions attaching to the respective office held by them on the day preceding the appointed date;

(c)

all currency notes and coins including commemorative notes and coins issued by the

Central Bank and the holding of its own notes and coins as part of its currency issue under the repealed

Act and subsisting on the day immediately preceding the appointed date, shall be deemed to be the currency notes and coins issued and held by the Central Bank as the case may be under this Act;

(d)

all payment, clearing and settlement systems established and operated by the Central Bank under the repealed Act or any other written law, and existing on the day immediately preceding the appointed date shall be deemed, with effect from the appointed date, to be payment, clearing and settlement systems established and operated by the

Central Bank under this Act;

(e)

all examinations, audits, inquiries or investigations initiated by the Central Bank or any of its officers under the repealed Act and pending on the day immediately preceding the appointed date shall be deemed, with effect from the appointed date, to be examinations, audits, inquiries or investigations conducted or being conducted, as the case may be, initiated by the Central Bank or such officer under this Act;

(f)

all contracts, deeds, bonds, agreements, guarantees, powers of attorney, grants of legal representation and other instruments of whatever nature entered into by the Central Bank, the Monetary Board or any other officer of the Central Bank authorized by the Monetary Board under the repealed Act, and subsisting and having effect on the day immediately preceding the appointed date and to which the

Central Bank or the Monetary Board or any authorized officer is a party or which are in favour of the Central Bank shall be deemed with effect from the appointed date to be contracts, deeds, bonds, agreements, guarantees, powers of attorney, grants of legal representation and other instruments entered into by or granted in favour of the Central

Bank under this Act;

(g)

unless specifically suspended or cancelled or withdrawn in the manner provided for in this Act or in any other written law, all licences, registrations, rules, regulations, directions, determinations, orders, approvals or refusals, notices, circulars, operating instructions or any other written communication made or issued by the Central Bank or the Monetary Board or any officer of the Central

Bank authorized by the Monetary Board under the repealed Act, and subsisting or having effect on the day immediately preceding the appointed date shall be deemed with effect from the appointed date to be licences, registrations, rules, regulations, directions, determinations, orders, approvals or refusals, notices, circulars, operating instructions or any other written communication made or issued by the Central Bank under this Act;

(h)

all applications, actions, proceedings or appeals of whatever nature instituted under the provision of any law by or against the Central Bank, the

Monetary Board, its members or any officer of the

Central Bank under the repealed Act and pending on the day immediately preceding the appointed date shall be deemed as from the appointed date, to be applications, actions, proceedings or appeals instituted by or against the Central Bank or any officer thereof under this Act and may be continued accordingly;

(i)

all judgments, decrees or orders entered in favour of, or against the Central Bank or the Monetary

Board or any officer of the Central Bank under the repealed Act by any court or tribunal in any action or proceeding shall be deemed with effect from the appointed date, to be judgments, decrees or orders entered in favour of, or against the Central Bank or such other officer of the Central Bank under this

Act;

(j)

all reserves maintained by the Central Bank for the purposes of the provisions of the repealed Act or any other written law or any regulatory requirement issued thereunder or otherwise, on the day immediately preceding the appointed date shall be deemed with effect from the appointed date to be reserves of the Central bank under this Act, held for such purpose;

(k)

(i)

all property immovable and movable and tangible and intangible, of the Central Bank

(including cash balances, reserve funds, investments, intellectual properties, and deposits);

(ii)

all liabilities, including deposits and contingent liabilities, of the Central Bank;

(iii)

all rights, powers, privileges, authorities, obligations, duties and interests arising in or out of, such property and such liabilities;

(iv)

all books, accounts and documents relating or appertaining to the Central Bank or to any property of the Central Bank, under the repealed Act, and subsisting on the day immediately preceding the appointed date, shall be deemed as from the appointed date to be property, liabilities, rights, powers, privileges, authorities, obligations, duties, interests, books, accounts and documents of the Central Bank under this Act;

(l)

all exemptions, refunds, losses, concessions, reliefs, benefits of taxes, duties, levies or any other monetary benefit entitled or enjoyed by the Central

Bank under the repealed Act and subsisting on the day immediately preceding the appointed date shall be deemed as from the appointed date, exemptions, refunds, losses, concessions, reliefs, benefits of taxes, duties, levies or any other monetary benefit entitled or enjoyed by the Central Bank under this

Act; and

(m)

with effect from the appointed date, every reference to the Central Bank, the Monetary Board or any officer of the Central Bank under the repealed Act given in any Act, regulation, notification, contract, instrument, record, share certificate, document, deed, bond, agreement, guarantee, power of attorney, grant of legal representation and other instrument of whatever nature shall be deemed to be a reference to the Central Bank or any such officer of the Central Bank under this Act to give effect to the provisions thereof.

Read on from s 135