5. Amendment of section 42 of the principal enactment

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

Section 42 of the principal enactment is hereby amended as follows: -

(1)

by the repeal of subsection (1) of that section and the substitution therefor, of the following subsection: -

“(1) Notwithstanding the provisions of the Banking Act, the provisions of this Part shall be applicable in relation to offshore banking business to be engaged in, in and from the Area of Authority of the Colombo

Port City.”;

(2)

by the repeal of subsection (2) of that section and the substitution therefor, of the following subsection: -

“(2) A company or a body corporate incorporated or established in another country and authorised to carry on banking business under any law, charter, statute, article of association or any other instrument constituting or deﬁ ning such incorporation or establishment and authorisation in that country and intends to engage in offshore banking business in and from the Area of

Authority of the Colombo Port City, may make an application to the Commission for a licence to engage in offshore banking business in and from the Area of Authority of the Colombo Port City in terms of this Act.”;

and

(3)

in subsection (3) of that section, by the substitution for the words “grant a licence under the Banking Act”, of the words “grant a licence under this Act”.

Read on from s 6