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As enacted
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Part XI · General

37. Interpretation

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

In this Act, unless the context otherwise requires–

“Board” means the Monetary Board of the Central

Bank of Sri Lanka established under the

Monetary Law Act, (Chapter 422);

“Central Bank” means the Central Bank of Sri Lanka established under the Monetary Law Act,

(Chapter 422);

“deposit” shall have the meaning assigned to it under the Finance Business Act, No. 42 of 2011 as may be amended from time to time;

“Director” means the head of the department of the

Central Bank to which the subject of microfinance companies has been assigned and includes an acting director;

“licensed microfinance company” means a company, licensed under this Act;

“liquid assets” means –

(a)

cash in hand;

(b)

balances in a current or deposit account in a commercial bank, free from any bankers’ lien or charge;

(c)

Sri Lanka Government Treasury Bills and Treasury Bonds maturing within one year, and free from any lien or charge;

(d)

Sri Lanka Government Securities maturing within one year and free from any lien or charge;

(e)

Central Bank of Sri Lanka securities maturing within one year and free from any lien or charge; and

(f)

Such other asserts as may be determined by the Board;

“microfinance business” means accepting deposits and providing :-

(a)

financial accommodation in any form;

(b)

other financial services; or

(c)

financial accommodation in any form and other financial services, mainly to low income persons and micro enterprises in conformity with the Schedule to this Act;

“microfinance NGO” means a non-governmental organization registered under the Voluntary

Social Service Organizations (Registration and Supervision) Act, No.31 of 1980 and issued with a certificate of registration by the

Registrar of Voluntary Social Service

Organizations under this Act to accept limited savings deposits;

“micro credit non-governmental organization”

means a non-governmental organization registered under the Voluntary Social Service

Organizations (Registration and Supervision)

Act, No.31 of 1980 and engaged in lending activities and not permitted to accept deposits;

“Minister” means the Minister to whom the subject of microfinance is assigned;

“qualified auditor” means –

(a)

an individual who being a member of the Institute of Chartered Accountants of Sri Lanka or of any other Institute established by law, possesses a certificate to practice as an Accountant issued by the Council of such Institute;

or

(b)

a firm of Accountants each of the resident partners of which being a member of the Institute of Chartered

Accountants of Sri Lanka or of any other

Institute established by law possesses a certificate to practice as an

Accountant issued by the Council of such Institute.

Read on from s 38

Schedules