19. Interpretation

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

In this Act, unless the context otherwise requires —

“Banking Act” means the Banking Act, No. 30 of 1988 ;

“collection account” means an account maintained with a commercial bank which facilitates the transfer of funds, but on which no cheques can be drawn ;

“commercial bank” means a licensed commercial bank within the meaning of the Banking Act, No. 30 of 1988 ;

“Commissioner-General” means the Commissioner -

General of Inland Revenue, appointed or deemed to be appointed under the provisions of the Inland

Revenue Act, No. 38 of 2000 ;

“current account” means —

(a)

an account (other than a savings account, a non resident currency account, a resident foreign currency account, an account in a foreign currency banking unit and a share investment external rupee account) whether in credit or otherwise, which is maintained at a commercial bank for any person or persons, including any such bank, and from which payments are made on demand by that person or persons by cheque, draft, order or other instruction ;and

(b)

an internal account of a commercial bank from which payments are made for defraying any expenses of such bank, including—

(i)

expenses of a capital nature such as the cost of purchasing any movable or immovable property or constructing any building; and

(ii)

all business expenses, which involves a payment and in respect of which debits are made either internally or externally;

“debit” means an entry made against a current account of any person or persons in respect of a withdrawal of funds from that account by cheque, draft, order or any other instruction of that person or persons, and includes the charges made by a commercial bank, in the course of business, on a current account maintained at that bank ;

“Employees Provident Fund” means the Employees

Provident Fund established by the Employees

Provident Fund Act, No. 15 of 1958 ;

“Employees Trust Fund” means the Employees Trust

Fund established by the Employees Trust Fund Act,

No. 46 of 1980 ;

“Finance Company” means a company registered under the Finance Companies Act, No. 78 of 1988, to carry on finance business ;

“Foreign Currency Banking Account” means an account maintained at a commercial bank and designated as such by the Central Bank ;

“licensed finance leasing company” means a company licensed under the Finance Leasing Act, No. 56 of 2000;

“licensed stock broker” means a stock broker licensed under the Securities and Exchange Commission Act,

No. 36 of 1987 ;

“licensed produce broker” means a produce broker licensed under the Licensing of Produce Brokers Act,

No. 9 of 1979 ;

“Non-Resident Foreign Currency Account” means an account maintained at a commercial bank and designated as such by the Central Bank ;

“Payment of Gratuity Act” means the Payment Gratuity

Act, No. 12 of 1983 ;

“Resident Foreign Currency Account” means an account maintained at a commercial bank and designated as such by the Central Bank ;

“savings account” means an account which is maintained at a commercial bank and funds deposited in which earn interest and the withdrawal of funds from which can be made only after such intervals as are specified, or subject to such rules as are specified, by that bank ;

“specialized bank” means a licensed specialized bank within the meaning of the Banking Act, No. 30 of 1988.

Read on from s 20