Regional Development Banks Act 1997 · As enacted · Part III · Finance
19. Bank to offer shares to others
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
The Board may on its own oron therecommendation of the Monetary Board offer such of the shares referred to in subsection (1) of section 18 as have not been allotted under subsection (2) of that section, to any licensed commercial bank, licensed specialised bank or to any other person, at such time or times, in such amount or amounts, and in such manner, as may be determined by the Board.
Monetary Board
“Monetary Board” means the Monetary Board of the Central Bank of Sri Lanka established under the Monetary Law Act;
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14. Regional Development Banks Act, No. 6 of 1997
Where any licensed commercial bank acquires any shares in the Bank, the provisions of section 174 of the
licensed commercial bank
“licensed commercial bank” means a commercial bank licensed or deemed to be licensed as a licensed commercial bank under the Banking Act…
Banking Act, No. 30 of 1988 shall not apply in respect of the acquisition and holding of such shares by such licensed commercial banks.