71. Repeal and savings

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

(1)

The Finance Companies Act, No 78 of 1988 is hereby repealed.

(2)

Notwithstanding the repeal of the Finance Companies

Act, No 78 of 1988, every regulation, notice, order, rule, guideline or direction issued, requirement imposed, determination or delegation made under the repealed Act and in force on the day preceding the date of commencement of this Act shall in so far as such regulation, notice, order, rule, guideline, direction, requirement, determination or delegation is not inconsistent with the provisions of this

Act, be deemed to be a regulation, notice, order, rule, guideline, direction, requirement, determination or delegation issued, imposed or made, as the case may be, under the provisions of this Act.

(3)

Companies registered under the Finance Companies

Act, No. 78 of 1988 which are carrying on finance business on the day preceding the date of commencement of this

Act, shall, with effect from the date of commencement of this Act, deemed to be finance companies licensed under this Act.

(4)

All actions, procedings or matters instituted in terms of Finance Companies Act, No. 78 of 1988 and pending in a

Magistrate Court or District Court on the day preceding the date of commencement of this Act, shall from and after the date of commencement of this Act be heard and determined by the said Magistrate Court or District Court in terms of the provisions of this Act.

Read on from s 72