41. Rules relating to deposit insurance

Official English translation. The Sinhala text prevails.

(1)

Rules may be made by the Board or the authorised body corporate with the concurrence of the Board in respect of establishment and operation of a scheme of insurance of deposits and in particular –

(a)

the amount, the time at which and the manner in which the insurance premium shall be paid by an insured finance company;

(b)

the interest which may be charged from an insured finance company, where it makes default in the payment of premia;

(c)

any matter that is stated or is required to be prescribed or determined under this Part of this

Act for the purpose of insuring depositors of finance companies;

(d)

record keeping requirements for an insured finance company;

(e)

reporting requirements for an insured finance company;

(f)

any other matter affecting, connected with or incidental to the exercise, discharge or performance of the powers, functions and duties of the Board or the authorised body corporate under this Part of this Act.

(2)

Every rule made under this section shall be published in the Gazette.

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