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srilawsby aturio
As enacted
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22. Insertion of new section 31B in the principal enactment

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

The following new section is hereby inserted immediately after section 31A and shall have effect as section 31B of the principal enactment :—

31B. (1) The Commission shall withdraw the approval of a trustee of a unit trust where the Commission is satisfied that the trustee of that unit trust—

(a)

has acted in breach of any provision of this Act or any rules or regulations made thereunder ;

(b)

has ceased to be of good financial standing ; or

(c)

is guilty of malpractice or irregularity in the management of its affairs.

“Requirements to be complied with for the purpose of granting a licence to operate a unit trust.

“ Withdrawal of approval of a trustee.

Securities and Exchange Commission of Sri Lanka

(2)

Upon withdrawal of any approval under subsection (1), the trustee shall be deemed to have retired but such retirement shall not take effect until a new trustee duly approved by the

Commission has been appointed. ”.

Read on from s 23