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As enacted
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Part XI · General

33. Transitional provision

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

Notwithstanding anything to the contrary in section 32, any person carrying on microfinance business on the day preceding the date of coming into operation of any Part of this Act-

(a)

may from the date of coming into operation of any

Part of this Act, continue to carry on such business for a period of eighteen months; and

(b)

shall comply with the provisions of this Act and apply for-

(i)

a licence to continue his business as a licensed microfinance company within such period as may be specified by the Board by notice published in the Gazette:

Provided however, notwithstanding Part

VIII of this Act being not operative on the day when Part I comes into operation, such person shall comply with the provisions of this Act and apply for a licence to continue his business as a licensed microfinance company within such period as may be specified by the Board by notice published in the Gazette;

(ii)

a certificate of registration to continue his business as a microfinance NGO within such period as may be specified by the Registrar by notice published in the Gazette;

(c)

the period referred to under paragraph (b) above shall fall within the period referred to in paragraph (a).

Read on from s 34

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