10. Replacement of section 48 of the principal enactment

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

Section 48 of the principal enactment is hereby repealed and the following section is substituted therefor: -

48. (1) The Central Bank shall-

(a)

issue by way of a direction, a list of qualiﬁ ed auditors to audit the accounts of a person to whom a licence has been issued to carry on offshore banking business under this Part;

(b)

cause such person to appoint an auditor from among such auditors;

(c)

require such person to submit the report of the auditor for the review of the

Central Bank in such form and manner and intervals as may be determined by the Central Bank; and

(d)

require such further audits by the same auditor or such other auditor from the list, as may be required, if in the opinion of the Central Bank, the audit report submitted under paragraph (c)

is inadequate, the scope of the audit is limited, or for such other reason as the

Central Bank may think ﬁ t:

Provided however that all costs associated with any audit carried out hereunder shall be borne by such person.

“Audit of accounts

Colombo Port City Economic Commission

(2)

A person to whom a licence has been issued to carry on offshore banking business under this Part shall cause a copy of such audit report as referred to in subsection (1) to be served on the Commission at the same time such report is submitted to the Central Bank.”.

Read on from s 11