Finance Leasing (Amendment) Act 2005 · As enacted
8. Insertion of new section 44A in the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The following new section is hereby inserted immediately after section 44 of the principal enactment and shall have effect as section 44A of the that enactment :—
44A. (1) Notwithstanding the provisions of subsection (1) of section 44 of the principal enactment, a person who was required to be registered under that subsection within the period of time stipulated therein and who has not obtained a registration on the date of the coming into operation of this Act —
shall not be deemed to have committed an offence under the provisions of the principal enactment and consequently any agreements entered into by such person shall be deemed to be valid ;
may continue to carry on the business of finance leasing for a period of two years from the date of the coming into operation of this Act ; and
shall, subject to the provisions of subsection (2) of this section, be required within the period referred to in paragraph (b) of this subsection, to apply for and obtain a Certificate of
Registration under the principal enactment, to continue to carry on such finance leasing business.
A person shall not be eligible to be registered under paragraph (c) of subsection (1)
of this section, unless such person is a public company incorporated under the Companies
Act, No. 17 of 1982 having a minimum issued and paid up capital of such amount as shall be prescribed, provided that the amount shall not exceed the amount prescribed as minimum issued and paid up capital under paragraph (c)
of section 3 of this Act.
“Registration of persons who failed to register under section 44 of the principal enactment.
Every application made for registration under this section, shall be accompanied by -
the documents referred to in section 4
of the principal enactment;
a copy of the audited balance sheet and the profit and loss account for the year preceding the date of submitting the application; and
the prescribed fee.
The Director may in addition to the documents referred to in subsection (3), request an applicant to submit such further documents or information as he may consider necessary and it shall be the duty of the applicant to comply with any such request.
The provisions of subsection (2) of section 44 shall apply in respect of a person referred to in subsection (1) of this section.
The Director in concurrence with the
Minister may by notice issued in that behalf, require a person registered under this section, to increase within the time specified therein , its minimum issued and paid up capital to such amount as specified in such notice. Provided that the minimum issued and paid up capital as increased shall not exceed the amount prescribed under paragraph (c) of section 3.
Where any registered person fails to comply with any requirement under subsection (6), the Director shall have the authority to restrict or limit the finance leasing business or any other transactions being carried on by such person, until the requirement contained in the aforesaid notice is complied with.”.