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Part XVI · Financial Provisions

97. Coverage of shortfall in capital

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

In the event, the audited annual financial statements of the Central Bank reflect that the value of its assets falls below the sum of its monetary liabilities and its paid-up capital-

(a)

the Central Bank shall, within a period not exceeding thirty days, assess the situation and prepare a report on the causes and extent of the shortfall and assess the situation;

(b)

in the event that the Governing Board approves the report prepared under paragraph (a), the Central

Bank shall request the Minister for a capital contribution to be made by the Government to remedy the deficit with a view to restoring the capital to an unimpaired level; and

(c)

the Minister may, upon the request made under paragraph (b), seek the approval of the Parliament to transfer to the Central Bank the necessary amount in currency or in negotiable debt instruments with a specified maturity issued at prevailing market-related interest rates.

Read on from s 98

Part XVII

Internal and External Audits

Read on from Part XVII

Part XVIII

General Provisions

Read on from Part XVIII

Part XIX

Repeals and Savings

Read on from Part XIX