52. Offences by a director, secretary, chief executive officer, manager, officer, employee or auditor of a finance company

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

(1)

Any person, who being a director, secretary, chief executive officer, manager, officer, employee or auditor of a finance company-

(a)

fails to take all reasonable steps to secure compliance by that finance company with the requirements of this Act;

(b)

fails to comply with any direction issued or rule made by the Board under the provisions of this

Act;

(c)

fails to comply with any direction issued or requirement made by the Director under the provisions of this Act;

(d)

fails to take all reasonable steps to secure the correctness of any statement submitted by such finance company under the provisions of this Act;

(e)

makes a false entry in any book, record, file, register or such other document or statement relating to the business affairs, transactions, conditions, assets or liabilities or accounts of such finance company or causes such entry to be made;

(f)

omits to make an entry in any book, record, file, register or such other document or statement relating to the business affairs, transactions, conditions, assets or liabilities or accounts of such finance company or causes such entry to be omitted;

(g)

alters, abstracts, conceals, erases or destroys any entry in any book, record, file, register or such other document, or statement relating to the business affairs, transactions, conditions, assets or liabilities or accounts of such finance company or causes any such entry to be altered, abstracted, concealed, erased or destroyed; or

(h)

maintains multiple sets of books, records, files, registers, or such other documents for the purpose of concealing the true condition of such finance company, shall be guilty of an offence under this Act.

(2)

In any prosecution instituted against a person under subsection (1), it shall be a defence to prove that he had reasonable grounds to believe that another person was charged with the duty of securing compliance with the requirements of this Act or with the duty of ensuring that the statements in question were accurate and that such person was competent and in a position to discharge that duty.

Read on from s 53

Part IX

General

Read on from Part IX