5. Amendment of section 101 of the principal enactment

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

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”.

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