10. Amendment of section 30 of the principal enactment

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

Section 30 of the principal enactment is hereby amended by the insertion immediately after subsection (9) of that section, the following subsection :—

‘(10) (a) Where an order has been made by the Monetary

Board under subsection (1) of section 76M of the Banking

Act, No. 30 of 1988 (hereinafter referred to as the “Banking

Act”) in respect of a licensed specialised bank, the provisions of subsections (3), (4), (5), (6), (7), (8) and (9) of this section shall, notwithstanding subsections (3) and (4), of section 76M of the Banking Act and subject to paragraph (ii) of this subsection, apply, mutatis mutandis, to such bank as if it were a banking institution.

(b)

Where under paragraph (i) of this subsection, the application of the provisions of subsection (3) of this section requires—

(i)

the winding up of a licensed specialised bank, the

Monetary Board shall cancel the licence issued to such bank under Part IXA of the Banking Act and, the provisions of Part VIII of that Act shall apply to such winding up as if it were a compulsory winding up of the bank, in the case of a bank incorporated or established within Sri Lanka or a compulsory winding up of the affairs or closure of the business of the bank, in the case of a bank incorporated outside

Sri Lanka ;

(ii)

the resumption of business of a licensed specialised bank, the Monetary Board may exercise the powers conferred on it under section 76N of the Banking

Act ;

(c)

In this subsection “licensed specialised bank” shall have the same meaning as in the Banking Act.’.

Read on from s 11