Sri Lanka Consolidated Acts

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Banking Act (No. 30 of 1988) - Sect 52

Licensed commercial bank to cease to carry on business

52. Where a licensed commercial bank has received the authorization of the Monetary Board to liquidate, such bank shall
(a) immediately cease to carry on business, exercising only such powers as are necessary to effect an orderly liquidation;
(b) repay sums of money due to its depositors and other creditors;
(c) wind up all operations undertaken prior to the receipt of the authorization.

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