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srilawsby aturio
As enacted
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Part VIII · Offshore Banking Business in and from the Area of Authority of the Colombo Port City

49. Commission may, in certain circumstances, carry out an examination and may impose restrictions

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

(1)

The Commission may require any competent person authorised in that behalf by the Commission to carry out an examination of any offshore company to whom a licence has been issued in terms of this Part of this Act to engage in offshore banking business, and submit a report if it is apparent that-

(a)

the international firm of accountants has failed to submit an audit report;

(b)

there exists an inadequacy in the audit report referred to above;

(c)

there are reasonable grounds to doubt the financial stability of the company in question or that the company is engaged in fraudulent, unsafe or unsound banking practices; or

(d)

the company has failed to comply with the requirements of this Part of this Act in the carrying on of its offshore banking business.

(2)

If on the completion of an examination and the submission of the report in terms of subsection (1), it is established that such authorised person engaged in offshore banking business is engaged in fraudulent, unsafe or unsound banking practices or that its financial stability is in doubt, the Commission may, with the concurrence of the

Monetary Board, impose restrictions on carrying on offshore banking business or impose a penalty or such other conditions as deemed appropriate.

Read on from s 50

Part IX

Determination and Grant of Exemptions or Incentives for the Promotion of Businesses of Strategic Importance

Read on from Part IX

Part X

Applicability of the Condominium Management Authority Law and the Apartment Ownership Law

Read on from Part X

Part XI

Applicability of the Securities and Exchange Commission Act

Read on from Part XI

Part XII

Estate Manager and Provision of General Services

Read on from Part XII

Part XIII

International Commercial Dispute Resolution Centre

Read on from Part XIII

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Schedules