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srilawsby aturio
As enacted
Contents

Part II · Directions, Rules and Requirements on Finance Companies

18. Reserve Fund

Official English translation. The Sinhala text prevails.

(1)

A finance company shall at all times maintain a

Reserve Fund. Every finance company shall after the payment of tax in respect of each year, but before any dividend is declared, transfer to the Reserve Fund such part of its net profit as the Board may direct.

(2)

A finance company shall not without the prior written approval of the Board reduce or impair its capital or such amount as is lying in its Reserve Fund.

Read on from s 19

Part III

Examinations and Supervisory Actions on Finance Companies

Read on from Part III

Part IV

Financial Statements and Audit of Finance Companies

Read on from Part IV

Part V

Regulatory and Resolution Actions on Finance Companies

Read on from Part V

Part VI

Insurance of Deposits

Read on from Part VI

Part VII

Action Against Persons Carrying on Finance Business or Accepting Deposits Without Authority

Read on from Part VII

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX