Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Banking (Amendment) Act (No. 2 of 2005) - Sect 32

Amendment of section 76M of the principal enactment

32. Section 76M of the principal enactment is hereby amended as follows :-
(1) in subsection (3) of that section-
(a) by the substitution for the words "period of sixty days" of the words "period of six months";
(b) by the repeal of paragraph (b) thereof and the substitution therefor of the following paragraph:-
"(b) to cancel the licence issued to such licensed specialised bank and -
(2) by the repeal of subsection (4) of that section and the substitution therefor of the following subsections :-
"(4) A licensed specialised bank incorporated or established within Sri Lanka may be voluntarily wound up and the provisions of Part VIII shall, mutatis mutandis, apply to such voluntary winding up.
(5) A licensed specialised bank incorporated outside Sri Lanka may voluntarily close down its business authorised under the licence issued under section 76A and the provisions of Part VIII shall, mutatis mutandis, apply to such closure.".


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]