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Part IV · Miscellaneous Provisions

45. Regulation &c, to be binding

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

(1)

Every regulation made by the Minister, and every rule, instruction, directive, direction and guideline as the case may be, issued under this Act shall be binding on all parties involved in the handling of a payment order or the disposition of a security, and shall supercede any inconsistent agreement, including inter-bank clearing rules and other agreements, to the extent of the inconsistency.

(2)

In the implementation of the provisions of this Act the

Minister and the Central Bank shall in so far as it is possible, follow international standards.

Read on from s 46