Finance Leasing Act 2000 · As enacted · Part I · Registration of Finance Leasing Businesses
Section 10
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Procedure for suspension or cancellation of a registration suspend the registration of a registered establishment for such period as may be specified, which shall not excced three months, and the establishment shall not during the period of suspension enter into any finance lease ; or cancel the registration of registered establishment and the establishment shall not thereafter carry on any finance leasing business except such business as it had entered into before the date on which the cancellation takes effect, and the establishment shall for the purpose of completing such business be deemed to be a registered establishment.
finance leasing business
“finance leasing business” means the business of investing money for the provision of equipment under a finance lease;
The Director shall, before suspending or cancelling the registration of a registered establishment on any one or more of the grounds specified in section 9, serve a notice in writing on the establishment, informing it of such fact and specifying the grounds for the proposed suspension or cancellation.
Director
“Director” means the head of the department of the Central Bank of Sri Lanka to which the subject of supervision of finance leasing companies under this Act, has been assigned by the Monetary Board;
A registered establishment may, within fourteen days of receipt of a notice under subsection (1), show cause as to why its registration should not be cancelled or suspended.
Where a registered establishment fails to show cause within the period specified in subsection (2), the Director may suspend or cancel, as the case may be, the registration.
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Finance Leasing Act, No. 56 af 2000
Where the registered establishment in compliance with notice issued to it under subsection (1) shows cause within the specilied period, the Director may, after considering the reasons submitted—
refrain from suspending or cancelling the registration, if he is satisfied that the establishment has shown sufficient cause as to why its registration should not be suspended or cancelled ; or
suspend or cancel the registration, if he is satisfied that the establishment has not shown sufficient cause as lo why its registration should not be suspended or cancelled.
The decision of the Director under subsection (3) or subsection (4), shall be served on the registered establishment and shall take effect on the date on which such decision is served on the establishment.