Regional Development Banks Act 1997 · As enacted · Part I · Establishment of Development Banks for Specified Regions
2. Incorporation Order for establishment of a Development Bank for a specified region
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Where the Minister, on the recommendation of
Monetary Board of the Central Bank (hereinafter referred to as “the Monetary Board”) decides that it is necessary that a
Monetary Board
“Monetary Board” means the Monetary Board of the Central Bank of Sri Lanka established under the Monetary Law Act;
Development Bank (hereinafter referred to as “the Bank”) be established for aspecified region for the purpose of developing the economy of such region by providing for the development of agriculture, industry, trade, commerce and other developmentactivities, within that region, the Monetary Board shall by Order (hereinafter referred to as the “Incorporation
region
“region” means one or more of the administrative districts specified in Administrative Districts Act;
Order’) published in the Gazette—
declare that a Bank be established for the region specified in paragraph (c), for the purpose of developing the economy of that region by providing for the development of agriculture, industry, commerce and other development activities in that region
;
2—D 042682—5.500 (97/04)
assign a corporate name to the Bank ;
specify the region within which the Bank shall operate ;
specify the principal place of business of the Bank ;
and
fix a date on which the Bank shall commence business.
The Bank shall, by the name assigned to it by the
Incorporation Order, be a body corporate and shall have perpetual succession and a common seal, and may sue and be sued in such name.