Skip to content
srilawsby aturio
As enacted
Contents

Part II · Directions, Rules and Requirements on Finance Companies

20. Failure to repay deposit or pay interest to be an offence

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

(1)

Where any finance company fails to repay a deposit or fails to pay interest thereon to a depositor, on demand or if a date of maturity is agreed upon at the time of deposit, on or after such date of maturity, every director, manager or secretary of such company shall be guilty of an offence under this Act:

Provided however that, no such director, manager or secretary shall be guilty of an offence if he proves that such offence was committed without his knowledge, and that he exercised all due diligence to prevent the commission of that offence.

(2)

Any depositor whose deposit and interest has not been paid on demand or at maturity in terms of subsection (1), may institute proceedings in the Magistrate’s Court in terms of section 136 of the Code of Criminal Procedure Act,

No. 15 of 1979.

Read on from s 21

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