Sri Lanka Consolidated Acts

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Banking (Amendment) Act (No. 2 of 2005) - Sect 27

Replacement of section 76D of the principal enactment

27. Section 76D of the principal enactment is hereby repealed and the following section substituted therefor:-
76D.
(1) Any company which has been issued with a licence under this part shall be referred to as a licensed specialised bank .
(2) A licensed specialised bank may carry on such forms of business as are specified in schedule IV of this Act subject to such restrictions expressly stipulated in the licence or as may be imposed by our under any written law.
(3) The Monetary Board may authorise a licensed specialised bank which satisfies the requirements prescribed by regulations made by the Minister under section 82 to carry on offshore banking business in accordance with such off shore banking scheme formulated for licensed specialised banks by the Monetary Board and where a licensed specialised bank is authorised to carry on offshore banking business the provisions of Part IV shall, mutatis mutandis, apply to such licensed specialised bank as they apply to a licensed commercial bank.
(4) A licensed specialised bank shall not carry on its business in any place other than that specified in the licence except with the prior written approval of the Monetary Board.
(5) A licensed specialised bank carrying on business under the authority of a licence issued under this Part shall be deemed not to act in contravention of section 2 of the Finance Companies Act, No. 78 of 1988.
(6) Every licensed specialised bank shall pay to the Central Bank an annual licence fee as may be determined by the Monetary Board and the Monetary Board may determine different licence fees for different categories of licensed specialised banks.".

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