27. Amendment of section 112A of the principal enactment

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

Section 112A of the principal enactment is hereby amended as follows :—

(a)

by the repeal of the marginal note to that section and substitution therefor of the following new marginal note :—

“Facilities for maintenance of accounts at the

Central Bank and a depository for scripless secutities . ” ;

(b)

in paragraph (b) of that section, by the substitution for the words “among direct participants.” of the words“among direct participants ; and” ; and

(c)

by the addition immediately after paragraph (b)

thereof of the following new paragraph :—

“Powers of the

Director of

Bank

Supervision.

“(c)

for the maintenance of a depository for recording of title to scripless securities of the

Central Bank, of direct participants and, in the case of dealer direct participants, of their customers. The Central Bank may make such rules and regulations as it may consider necessary in relation to the depository ; ”;

(d)

by the repeal of the definition of the expression

“direct participant” and the substitution therefor of the following definition :—

“dealer direct participant ” and “direct participant” shall have the respective meanings assigned to them in the Local Treasury Bills Ordinance and the

Registered Stock and Securities Ordinance ; ” ;

(e)

by the repeal of the definition of the expression

“primary dealer” and substitution therefor of the following definition :—

‘“ primary dealer” shall have the meaning assigned to it in the Local Treasury Bills Ordinance and the Registered Stock and Securities Ordinance’.

Read on from s 28