8. Monetary Board to make rules

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

(1)

The Monetary Board may make rules as it deems necessary to assist the company to conform within a specified period (hereinafter referred to as “compliance period”) with the requirements of the Banking Act, No. 30 of 1988 and the

Monetary Law Act, (Chapter 422) that apply in relation to a licensed commercial bank to which requirements the company as a licensed specialized bank, was not subject to :

Provided that during the compliance period, the provisions of the Banking Act and the Monetary Law Act which contain the aforesaid requirements shall not apply to the company to the extent necessary to give effect to such rules.

(2)

Every rule made by the Monetary Board shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified therein.

Read on from s 9