Finance Business Act 2011 · As enacted · Part I · Licensing of Finance Companies
10. Use of the word “finance”
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
A finance company shall have as part of its name, the word “finance”, “financing” or “financial” or any of its transliterations, or their equivalent in any other language.
Any finance company which does not have in its name, the word “finance”, “financing” or “financial” or any of its transliterations, or their equivalent in any other language in its name, shall forthwith take such steps as are necessary to change its name to include the word “finance”, “financing”
or “financial” or any of its transliterations or their equivalent in any other language in its name, within six months from the date of commencement of operation of this Act.
No person other than a finance company and an institution specified in subsection (6) shall, except with the prior written approval of the Board, use the word “finance”,
“financing” or “financial” alone or in combination with another word or any of its derivatives or its transliterations or their equivalent in any other language, as part of the name or the description or the business name of such person.
Subject to the provision of subsections (1) and (6), any person who uses the word “finance”, “financing” or
“financial” or any of its derivatives or its transliterations, or their equivalent in any other language as part of the name or the description or the business name of such person, unless it has obtained the written approval of the Board, shall change such name or such description or such business name by deleting the word “finance”, “financing” or “financial”
or any of its derivatives or its transliterations, or their equivalent in any other language, from such name or such description or such business name within six months from the date of commencement of operation of this Act.
The Director may require the Registrar General of
Companies, the Registrar of Voluntary Social Service
Organizations, Registrars of Business Names of Sri Lanka and any other relevant authority to furnish information of the bodies corporate or unincorporate using the word
“finance”, “financing” or “financial” or any of its derivatives or its transliterations, or their equivalent in any other language, in the name or the description or the business name of such bodies which are established or registered under such authority and such Registrar or Authority shall furnish the information as required by the Director.
The Board may, in the public interest, where any person uses the word “finance”, “financing” or “financial” or any of its derivatives or its transliterations, or their equivalent in any other language as part of the name or the description or the business name of such person in contravention of the provisions of this section and notwithstanding that any action has been or is to be taken under the provisions of any other section of this Act in respect of such contravention, publicise by any means whatsoever :—
in the case of an incorporated body of persons, the name, description and address of such incorporated body and the names and addresses of the directors of such incorporated body;
in the case of an unincorporate body of persons, the name, description and address of such body and if the Board thinks fit the names and addresses of the members of such body; and
in the case of an individual the name and address of such individual and his description or business name or both his description and business name, and that such person is not authorized to use any of the words “finance”, “financing” and “financial” or any of it derivatives or its transliterations or their equivalent in any other language as part of the name or the description or the business name of such person.
Nothing in this section shall apply to -
a company which is required by the Board to have as part of its name the word “finance”,
“financing”
or
“financial”
or its transliterations, or their equivalent in any other language in its name;
an association of finance companies formed for the protection of their interests;
a trade union registered under the Trade Union
Ordinance (Chapter 138), which is an association or combination of workers who are employees of a finance company;
an institution in respect of which such usage is established or recognized by law or international agreement; and
a body corporate which exclusively provides educational or consultancy services.
The Board may introduce a logo or a sign to be used by every finance company. No person other than a finance company shall use such logo.
Part II
Directions, Rules and Requirements on Finance Companies
Part III
Examinations and Supervisory Actions on Finance Companies
Part IV
Financial Statements and Audit of Finance Companies
Part V
Regulatory and Resolution Actions on Finance Companies
Part VI
Insurance of Deposits
Part VII
Action Against Persons Carrying on Finance Business or Accepting Deposits Without Authority
Part VIII
Offences and Penalties
Part IX