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As enacted
Contents

Act of Parliament

Monetary Law (Amendment) Act 2006

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

s 1Short title

This Act may be cited as the Monetary Law

(Amendment) Act, No. 9 of 2006.

s 2Amendment of heading to Part VII of Chapter 422

The Monetary Law Act, (Chapter 422) (hereinafter referred to as the “principal enactment”) is hereby amended by the substitution for the heading appearing in Part VII of

Chapter V thereof, the following heading: -

“PART VII

ADDITIONAL REGULATION OF CREDIT OPERATIONS OF BANKING

INSTITUTIONS AND LICENSED SPECIALIZED BANKS”.

s 3Insertion of new section 98B in the principal enactment

The following new section is hereby inserted immediately before section 99 of Part VII of Chapter V and shall have effect as section 98B of that enactment :—

98B. For the purposes of this Part of this Act,

“licensed specialized bank” shall have the same meaning as in the Banking Act, No. 30 of 1988.”.

s 4Amendment of section 100 of the principal enactment

Section 100 of the principal enactment is hereby amended by the substitution for the words “by commercial banks after” of the words “by commercial banks and licensed specialized banks after”.

s 5Amendment of section 101 of the principal enactment

Section 101 of the principal enactment is hereby amended as follows : -

“Interpretation for Part VII.

(1)

in subsection (1) of that section, (a) by the substitution in paragraph (a) thereof, for the words “prohibit commercial banks from” of the words “prohibit commercial banks and licensed specialized banks from”;

(b)

by the substitution in paragraph (b) thereof, for the words “within specified periods:” of the words “within specified periods; or”;

(c)

by the addition immediately after paragraph (b) thereof, of the following new paragraph: -

“(c)

fix the minimum percentage of loans to be extended, to any identified sector of the economy, by the commercial banks or licensed specialized banks:”;

and

(d)

in the proviso thereto, by the substitution for the words “require any commercial bank to”

of the words “require any commercial bank or licensed specialized bank to”; and

(2)

in subsection (2) of that section, by the substitution for the words “of each commercial bank” of the words

“of each commercial bank or licensed specialized bank”.

s 6Amendment of section 102 of the principal enactment

Section 102 of the principal enactment is hereby amended by the substitution for the words “surplus of commercial banks” of the words “surplus of commercial banks and licensed specialized banks”.

s 7Amendment of section 104 of the principal enactment

Section 104 of the principal enactment is hereby amended as follows: -

(1)

in subsection (1) of that section, by the substitution for the words “which commercial banks may”

appearing in paragraphs (a) and (b) thereof, of the words “which commercial banks and licensed specialized banks may”; and

(2)

in subsection (3) of that section, by the substitution for the words “by commercial banks in” of the words

“by commercial banks and licensed specialized banks in”.

s 8Amendment of section 105 of the principal enactment

Section 105 of the principal enactment is hereby amended by the substitution for the words “held by banking institutions” and “by such institutions” of the words “held by banking institutions and licensed specialized banks” and

“by such institutions and banks” respectively.

s 9Sinhala text to prevail in case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.