Skip to content
Contents

Part II · Markets and Market Institutions

45. Duty to report on completion of default proceedings

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

(1)

Upon completion of any default proceedings, a licensed clearing house shall provide a report in respect of each defaulter to the person or entity referred to in subsection (2) in respect of the following: -

(a)

the net sum, if any, certified by the licensed clearing house to be payable by or to the defaulter;

(b)

the fact that no sum is so payable to the defaulter;

and

(c)

such other particulars in respect of such default proceedings as it thinks fit.

(2)

A certified copy of the report prepared under subsection (1) shall be provided forthwith-

(a)

to the Commission;

(b)

to the defaulter to whom the report relates or to the relevant office holder acting for the defaulter to whom the report relates or to the defaulter’s estate;

and

(c)

to such other person as the Commission deems fit.

(3)

Where the licensed clearing house has made a report pursuant to subsection (1), relevant office holder of the defaulter shall publish a notice of that fact to bring it to the attention of creditors of the defaulter to whom the report relates.

(4)

Where a relevant office holder or defaulter receives a report pursuant to subsection (1), it shall, at the request of any of his creditors-

(a)

make the report available for inspection by the creditor within two days from the receipt of such request; or

(b)

on payment of a relevant fee as determined by the relevant office holder or the defaulter, provide to the creditor a certified copy of such report or any part of that report as requested.

Part III

Issue of Securities

Part IV

Trade In Unlisted Securities

Part V

Market Misconduct

Part VI

Finance

Part VII

General