7. Replacement of section 11 of the principal eanctment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 11 of the principal enactment is hereby repealed and the following section substituted therefor :—

11. (1) Where a transfer of title to a

Scripless Treasury Bill is made by a dealer direct participant from or into an account maintained for a customer under subsection (2)

of section 10, or an interest of any customer in a Scripless Treasury Bill is recorded or any amendment or variation is made in respect of any such interest in any Scripless Treasury Bill in such account, such dealer direct participant shall issue to such customer a confirmation in accordance with such directions as may from time to time be issued by the Central Bank.

(2)

The provisions of subsection (1) shall not be construed as derogating from any obligation imposed under the Monetary Law

Act on the provider of depository facilities for

Scripless Securities, to issue statements or confirmations in respect of accounts maintained in such depositary and in the event of any conflict or inconsistency between a statement or confirmation so issued by the depositary and the statement or confirmation issued under subsection (1), the statement or confirmation issued by the depositary, shall prevail.

(3)

Subject to the provisions of any applicable written law, a dealer direct participant shall be wholly responsible and liable to customers in respect of all transfers taken or made by such customer through such dealer direct participant.

(4)

The confirmation referred to in subsection (1) shall not be capable of being negotiated and shall be used solely as evidence of dealings between such dealer direct participant and the customer in respect of

Scripless Treasury Bills to which it relates.

“Transfer of

Scripless

Treasury

Bills.

(5)

The Central Bank may permit any notification, confirmation, acknowledgment or receipt required under this section to be issued in a non written form and to be transmitted or delivered by wire, telephone, satellite cable or any other such electronic, magnetic or optical media, as may be specified from time to time, by the Central Bank in that behalf.

(6)

An electronic record of a Scripless

Treasury Bill or any notification, confirmation, acknowledgment, receipt or other document or record issued or maintained for the purposes of this Ordinance in an electronic form, shall not be denied legal effect, validity or enforceability solely on the grouns that such Scripless Treasury

Bill is maintained in an electronic form or that such notification confirmation, acknowledgment, receipt or other document or record is issued or maintained in electronic form and such notifcation confirmation, acknowledgment, receipt or other document may be tendered in evidence in proceedings before any court or tribunal in accordance with Part II and Part III of the Evidence (Special Provisions)

Act, No. 14 of 1995 or any other law for the time being in force in relation to the tendering of computer evidence before any court or tribunal.”.

Read on from s 8