Finance Leasing (Amendment) Act 2007

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

s 1Short title

This Act may be cited as the Finance Leasing

(Amendment) Act, No. 33 of 2007.

s 2Insertion of new section 34A in Act No. 56 of 2000

The following new section is hereby inserted immediately after section 34 of the Finance Leasing Act, No.

56 of 2000 and shall have effect as section 34A of that Act :—

34A. (1) Notwithstanding anything in any other law to the contrary, a registered finance leasing establishment which is a public company referred to in paragraph (c) of section 3 of this Act, and which maintains an unimpaired issued and paid up capital of —

(a)

not less than such amount as specified from time to time by the Director by notice issued in that behalf, shall be entitled, by the issue of any debt instrument; or

(b)

less than the amount specified in the notice issued under paragraph (a), shall be entitled by the issue of any debt instrument through private placements, to borrow money, with the approval of the

Director.

(2)

The approval of the Director for the purpose of subsection (1), shall be obtained by such registered finance leasing establishment

“Certain registered finance leasing establishments to borrow money by the issue of debt instruments.

on application made to the Director for the purpose and any approval granted may be subject to such terms and conditions as the

Director may deem necessary.

(3)

For the purposes of this section —

“debt instrument” means, a debenture, bond, promissory note or any other debt instrument as may be determined by the Director; and

“private placement” means, the issue of any debt instrument, without the issue of a prospectus or advertising through the mass media, including the internet, post, facimile, electronic mail, leaflets, banners, posters or booklets or through any kind of propaganda carried out by any means whatsoever.”.

s 3Sinhala text to prevail in case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.