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2. Replacement of section 12 of Act…

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

Section 12 of the People's Bank Act, No. 29 of 1961

(hereinafter referred to as the “principal enactment”) is hereby repealed and the following section is substituted therefor:-

12. (1) The authorised capital of the Bank shall be rupees fifty billion divided into one billion shares of rupees fifty each.

(2)

(a) The Minister may, in the interest of the national economy, where he deems it necessary, determine from time to time the paid-up capital of the Bank, by Order published in the Gezette.

(b)

No Order made by the Minister under this section shall take effect unless such Order is approved by Parliament within ninety days from the date of its publication in the Gazette.”.

Read on from s 3