Skip to content
srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

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

44. Issue of Freezing Order

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Director may at any time where a person is being investigated in terms of subsection (1) of section 42, issue an order (hereinafter referred to as a “Freezing Order”)

for any one or more of the following:-

(a)

prohibiting such person from disposing assets of such person or any part thereof;

(b)

prohibiting such person from entering into any transaction or class of transactions as may be determined by the Director;

(c)

prohibiting such person from soliciting or mobilizing deposits;

(d)

prohibiting any transaction in relation to any account, property or investment as may be determined by the Director.

(2)

The Director may at any time where a body of persons is investigated in terms of subsection (1) of section 42, issue, if such body of persons is-

(i)

a body corporate, on any director, or manager of that body corporate;

(ii)

a firm, on any partner of that firm;

(iii)

an unincorporate body other than a firm, on any member of such body, or any officer of that body responsible for its management and control, a Freezing Order for any one or more of the following:-

(a)

prohibiting such person from disposing assets of such person or any part thereof;

(b)

prohibiting such person from entering into any transaction or class of transactions as may be determined by the Director;

(c)

prohibiting such person from soliciting or mobilizing deposits;

(d)

prohibiting any transaction in relation to any account, property or investment as may be determined by the Director.

(3)

Subject to the provisions of section 45, a Freezing

Order issued under subsections (1) and (2) shall not be in force for a period exceeding seven days of the issuing thereof.

Read on from s 45

Part VIII

Offences and Penalties

Read on from Part VIII

Part IX

General

Read on from Part IX