Skip to content
srilawsby aturio
As enacted
Contents

Part XIII · Transitional Provisions

82. Institutions licensed under the Microfinance Act deemed to be licensed under this Act

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

(1)

(a)

Any microfinance company licensed under the repealed Microfinance Act, No. 6 of 2016; or

(b)

any microfinance non-governmental organization registered under the repealed

Microfinance Act, No. 6 of 2016, and compliant with subsection (3) of section 32 of this Act, which is carrying on microfinance business on the day preceding appointed date shall, with effect from the appointed date be deemed to be a licensed microfinance institution licensed under section 32 of this Act.

(2)

Any microfinance non-governmental organization registered under the repealed Microfinance Act, No. 6 of 2016 shall continue to carry on microfinance business in its existing legal form for a period not exceeding twelve months from the appointed date and comply with subsection (4) of section 32 of this Act within that period.

(3)

Any microfinance non-governmental organization registered under the repealed Microfinance Act, No. 6 of 2016 which fails to comply with subsection (2) shall be deemed to be a microfinance non-governmental organization of which registration has been cancelled.

(4)

All actions, proceedings or matters instituted in terms of the repealed Microfinance Act, No. 6 of 2016 and pending in any court referred to therein on the day preceding appointed date shall from and after appointed date be heard and determined by the said court in terms of the provisions of the repealed Microfinance Act, No. 6 of 2016.

Read on from s 83

Schedules