Microfinance Act 2016 · As enacted · Part II · Business Restrictions on Licensed Microfinance Companies
9. Forms of business to be specified
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
A licensed microfinance company may carry on such forms of businesses as set out in the Schedule to this
Act and any other form of business as may be specified by the Board under subsection (2) subject to such restrictions and conditions as may be imposed by or under any written law or specified in the licence issued to such licensed microfinance company.
The Board may specify by notification published in the Gazette any form of business that a licensed microfinance company may carry on which is not set out in the Schedule to this Act.
A licensed microfinance company shall not carry on any form of business that is not set out in the Schedule hereto or specified by the Board under subsection (2).
Every notification published in the Gazette under subsection (2) shall, as soon as convenient, be brought before
Parliament for approval. Any notification which is not so approved shall be deemed to be rescinded from the date of such disapproval but without prejudice to anything previously done thereunder.
Notification of the date on which a notification is deemed to be rescinded shall be published in the Gazette.
Part III
Management of Licensed Microfinance Companies
Part IV
Directions to and Rules Governing Licensed Microfinance Companies
Part V
Financial Statements and Audit of Licensed Microfinance Companies
Part VI
Examination and Supervison of Licensed Microfinance Companies
Part VII
Cancellation of the Licence and Winding Up of Licensed Microfinance Company
Part VIII
Microfinance Non-Governmental Organizations
Part IX
Principles, Standards and Guidelines Laid Down by the Board
Part X
Immunity from Prosecution
Part XI