As enacted

Contents

4. Amendment of section 6 of the principal enactment

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

Section 6 of the principal enactment as amended by

Act, No.28 of 1995 is herey further amended in subsection (1)

of that section, as follows:-

(1)

by the substitution for the words “provisions of this Act,”, of the words “provisions of this

Act and any other law including regulations made or directions issued thereunder,” ;

(2)

in paragraph (a) of that subsection, by the substitution, for the words “savings accounts and the issue of savings certificates;” , of the words “savings certificate or any other instrument or product that will enable the Bank to mobilise savings; “;

(3)

in paragraph (e) of that subsection, by the substitution, for the words “against the security of their deposits,” of the words “against the security of their deposits or any other secu-rity or guarantee as determined by the Board;”;

(4)

in paragraph (f) of that subsection, by the substitution for the words “housing loans on security”, of the words “housing loans or other loans for non commercial purposes on security”;

(5)

in paragraph (h) of that subsection, by the substitution, for the words “acquiring any immovable or movable property” , of the words

“purchasing, taking on lease, exchange, hiring or otherwise acquiring any immovable or mov-able property or any rights in such property” ;

Act, No. 22 of 1999

(6)

by the repeal of paragraph (j) of that subsection, and the substitution therefor of the following paragraph:-

“(j) trading in financial instruments issued or guaranteed by financial institutions and quoted companies approved by the Board;”.

(7)

by the addition immediately after paragraph (j)

of that subsection the following new paragraphs:-

“(k) Providing re-finance facilities to licensed commercial banks and licensed specialised banks, for the purpose of medium and long term project lending;

(l)

issuing letters of guarantee against deposits;

(m)

borrowing monies from local and international credit institutions or agencies;

(n)

conducting lotteries and prize competitions;

(o)

investing in equity capital of any licensed commercial bank, licensed specialised bank, a subsidiary of any licensed commercial bank or licensed specialised bank or in any public company listed or seeking listing in a licensed stock exchange;

(p)

opening of rupee accounts for non residents;

(q)

collection and conversion of foreign currency from depositors;

(r)

providing safe custody and safe deposit locker facilities to customers;

(s)

undertaking pawnbroking business subject to such conditions as may be determined by the Monetary Board:

(t)

providing facilities for money transfers;

(u)

establishing subsidiary companies with the written approval of the Monetary Board;

Act, No. 22 of 1999

(v)

undertaking trust and estate administration;

(w)

carrying on such other activities as may be incidental or conducive to the functions and activities referred to above.”

Read on from s 5