2. Carrying on finance business and accepting deposits, without authority, to be an offence

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

(1)

Subject to the provisions of section 3 of this Act, no person other than a person licensed under this Act shall carry on finance business.

(2)

No person, other than a person licensed to carry on finance business under this Act or a person exempted from the application of the provisions of this Act in terms of section 3, shall accept deposits.

(3)

A person shall not be eligible to be licensed as a finance company under this Act unless such person is a company registered under the Companies Act, No. 7 of 2007, and such company is not a company limited by guarantee, a private company, an offshore company or an overseas company within the meaning of the Companies Act, No. 7

of 2007.

(4)

Any person who contravenes the provisions of subsections (1) or (2) shall be guilty of an offence under this

Act.

Read on from s 3

Part II

Directions, Rules and Requirements on Finance Companies

Read on from Part II

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