7. Replacement of section 43 of the principal enactment

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

Section 43 of the principal enactment is hereby repealed and the following section is substituted therefor: -

43. (1) A licence to carry on offshore banking business in and from the Area of Authority of the Colombo Port City in terms of this Part may be suspended, revoked or cancelled by the

Minister assigned the subject of Finance on the recommendation of the Central Bank:

Provided that prior to the suspension, revocation or cancellation of a licence under this section, the Minister assigned the subject of

Finance shall afford the licensee an opportunity of being heard in its defence.

(2)

The Minister assigned the subject of

Finance may call for further information on such other matters which in his opinion merit inquiry, from the Central Bank, the Commission or such other person, prior to making a decision on suspension, revocation or cancellation of a licence. Such decision shall be communicated to the licensee, the Central Bank and the

Commission.”.

Read on from s 8