Regional Development Banks Act 1997 · As enacted · Part VI · General
43. Bank to be a “lending institution” “Bank” and “licensed specialised Bank”
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
The Bank shall be—
a “lending institution” within the meaning of and for the purposes of the Debt Recovery (Special
Provisions) Act, No. 2 of 1990 and the Credit
Information Bureau of Sri Lanka Act, No.18 of 1990
;
a “bank” within the meaning of and for the purposes of the Recovery of Loans by Banks (Special
Provisions) Act, No.4 of 1990;
(c} a “licensed specialised bank” within the meaning of and for the purposes of the Banking Act, No.30 of 1988 and shall be issued with a licence in accordance with the provisions of that Act to carry on business at the place specified in the Incorporation Order and shall be subject to all such directions that may be issued by the Monetary Board under that Act in respect of licensed specialised banks ;
licensed specialised bank
“licensed specialised bank” means acompany or institution licensed or deemed to be licensed as a licensed specialized bank under the Banking Act…
22. Regional Development Banks Act, No. 6 of 1997
any or all Regional Rural Development Banks (in this Act referred to as “Vesting Bank or Banks”) being businesss which it or they are authorized to carry on under the Regional
Rural Development Banks Act, No. 15 of 1985 and which is or are operating within the specified region for which such acquiring bank has been established.
region
“region” means one or more of the administrative districts specified in Administrative Districts Act;
For the purpose of subsection (1), the “business carried on by any or all Vesting Bank or Banks”, includes—
all immovable and movable property owned by the
Vesting Bank or Banks on, the day preceding to the date of the Vesting Order (including cash balances, reserve funds, investments and deposits) ;
all rights, powers, privileges, authorities and interests arising in, or out of, any property, movable or im-movable owned by the Vesting Bank or Banks and any leasehold rights in any immovable property enjoyed by such Vesting Bank or Banks on the day preceding the date of the Vesting Order ;
all the liabilities of the Vesting Bank or Banks and subsisting on the day preceding the date of the
Vesting Order ; and
all books, accounts and documents relating or appertaining, to the business of such Vesting Bank or
Banks.