10. Replacement af section 21 of the principal enactment
ප්රතිචාර සහ සහායනිල ඉංග්රීසි පරිවර්තනය. එය සිංහල හෝ දෙමළ පාඨයට වඩා වෙනස් නම් බලපවත්වන පාඨය කුමක්දැයි පනතේම සඳහන් වේ.
Section 21 of the principal enactment is hereby repealed and the following section substituted therefor
:—
“ Capital of
21. (1) The authorized capital of the the Bank.
Bank shall be two thousand million rupees divided into two hundred million shares of ten rupees each.
The Bank may offer such of the shares referred to in subsection (1) as have not been alloted under section 22, to the public for subscription at such time or times in such amount or amounts and in such manner as may be determined by the Board of Directors and upon payment being made for such shares shall, subject to the provi-sions of subsection (28) of section 22, allot such shares to the respective purchasers. ”.
li. Section 22 of the principal enactment is hereby amended as follows :-—
Amendment of section 22 of the principal enactment.
by the repeal of subsection (2) of that section and the substitution therefor of the following subsec-tion :—
The shareholders referred to in subsection (1) shall have power to—
sell all or any of their shares in the
Bank
;
convert, with the approval of the Minis-ter all or any of their shares in the
Bank into bonds, debentures or pre-ference shares issued by the Bank subject to such terms and conditions as may be approved by the Minister.”;
by the insertion immediately after subsection (2) of that section of the following new subsections :—
“ (2a) The Board of Directors may, with the concurrence of the Minister cancel any pro-missory notes issued to the Bank by any of the shareholders referred to in paragraphs (b), (c) and (d) of subsection (1), and upon
8
National Development Bank of Sri Lanka such cancellation, the issued share capital of the Bank shall be deemed to be reduced to the extent of the value of the promissary notes cancelled.
The Bank shall not allot any shares under subsection (2) of section 21 or register any shares—
in the name of any company, incor-porated body or an individual, if such allorment or registration would result in such company, incorporated body or individual owning more than fifteen per centum, of the total issued share capital of the Bank
;
in the name of a company and any one or more of the following :—
any of its subsidiaries
;
its holding company
;
a subsidiary of its holding com-pany; or
a company in which such com-pany or its subsidiary or its holding company or a subsidiary of its holding company has a substantial interest, if such allotment or registration would result in such company and one or more of the person referred to in sub-paragraphs (i). (ii),
and (iv) owning, in the aggregate, more than fifteen per centum of the total jssued share capital of the Bank;
in the name of an individual and of any one or more of the following :—
his close relations
;
a company in which he has a sub-stantial interest or in which has close relation has a substantial interest
;
National Development Bank of Sri Lanka
the subsidiary of a company referred to in sub-paragraph (ii) ;
a holding company of a company referred to in sub-paragraph (ii) ;
a subsidiary of a holding company of a company referred to in sub-paragraph (ii) ;
a company in which a company, referred to in sub-paragraph (ii)
cr its subsidiary or its holding company or a subsidiary of its holding company has a substan-tial interest
; or
(<i) an incorporated body other than a company in which such indt-vidual or his close relation has substantial interest, if such allotment or registration would result in such incividual and one or more of the per-sons referred to in sub-paragraphs (i), (ii),
PU, Cyy, (v), (vi) and (vii)
owning, in the aggregate, more than fifteen per centum of the total issued share cap‘tal of the Bank.
A company or individual shall be deemed to have a substantial interest in a company or incorporated body other than a company within the meaning of this subsection where such company or individual owns more than fifty-one per centum of shares in such com-pany or incorporated body, as the case may be.”;
in subsection (4) of that section, by the substitution for the words and figures “this section or section 57.”, of the words and figures “section 2! or this section.” ; and
‘(4) by the addition immediately after subsection (4) of that section, of the following new subsection
:—
‘ (5) For the purpose of subsection (28)—
“ close relation ” in relation to a person means a parent, spouse, or child of that per-son cr the spouse of a child of that person
;
Amendment of new 10
National Development Bank of Sri Lanka
“subsidiary ” has the meaning assigned to it by subsection (1) c€ section 8 of the Banking Act, No. 30 of 19¢5.’.
i
2. Section 26 of the principal enactment is hereby amended as follows :—
of section 26 of the principal enactment
by the addition, at the end of that section, of the following new subsection :—
“ (3) Notwithstanding the provisions of sub-sections (1) and (2), the Bank may frot time to time borrow sums of money from any licensed commercial bank on such terms and conditions as may be mutually agreed to between them.” ;
by the addition, immediately after this section, of the following paragraph : —
‘For the purpose of this section “licensed com-mercial bank” means a licensed commercial bank within the meaning of the Banking Act. No. 30 of 1988’; and
by the substitution for the marginal note to that section of the following marginal note :—
“Temporary borrowings from the Central Bank and licensed commercial banks.”