21. Replacement of section 31B of the principal enactment

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

Section 31B of the principal enactment is hereby repealed and the following section substituted therefor :—

31A. (1) No licence shall be granted under this Part for the operation of a unit trust, unless—

(a)

the trustee has been approved by the

Commission ; and

(b)

the managing company complies with the terms and conditions set out in Part

IV of the Schedule hereto.

(2)

Notwithstanding the provisions of paragraph (a) of subsection (1), where the trustee approved by the Commission is replaced by the appointment of a new trustee after the issue of a licence, such licence shall be deemed to be valid and continue in force until the new trustee is approved by the Commission.”.

Read on from s 22