86. In this Act, unless the context otherwise requires"accommodation " means any loan or overdraft or advance or any commitment to grant any loan or overdraft or advance, including a commitment to accept a contingent liability; " banking business " means the business of receiving funds from the public through the acceptance of money deposits payable upon demand by cheque, draft, order or otherwise, and the use of such funds either in whole or in part for advances, investments or any other operation either authorized by law or by "customary banking practices; " capital funds " means paid-up or assigned capital and the reserve fund as provided for in section 2; " Central Bank " means the Central Bank of Sri Lanka established under the Monetary Law Act, (Chapter 422) ; " close relation " means spouse or dependant child; "company " means a company formed and registered under the Companies Act, No. 17 of 1982 ; "concern" means a company or firm; "designated foreign currency" means a foreign currency determined as a designated foreign currency by the Monetary Board ; " director " means
| (a) in relation to a licensed commercial bank incorporated in Sri Lanka, any person by whatever designation he may be called, carrying out or empowered to carry out substantially the same functions in relation to the direction of the licensed commercial bank as those carried out by a director of a company incorporated under the Companies Act; |
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| (b) in relation to a licensed commercial bank incorporated outside Sri Lanka, any person by whatever designation he may be called earring out or empowered to carry out substantially the same functions in relation to the direction of the licensed commercial bank as those carried out by a director of a company incorporated under the Companies Act and the person in Sri Lanka responsible for carrying out the functions of such licensed commercial bank who shall be designated the principal authorized agent or his alternate; |
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"Director of Bank Supervision "means the Heads of the Department el Bank Supervision of the Central Bank established under the Monetary Law Act (Chapter 422) ; " domestic banking business " means any banking business that is not subject to Part IV of this Act, dealing with off-shore banking; " head office of a commercial bank " means the place where the office of the Board of directors of the commercial bank is located; " liquid assets " means
| (b)balances with licensed commercial banks; |
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| (c) money at call in Sri Lanka; |
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| (d) treasury bills and securities issued or guaranteed by the Government of Sri Lanka which have a maturity not exceeding one year; |
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| (f) import and export bills ; |
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| (g) such other assets as may be determined by the Monetary Board; |
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"local Authority" means any Municipal Council, Urban Council or any Development Council and includes any Authority created and established by or under any law to exercise, perform and discharge, powers, duties, and functions corresponding to or similar to the powers, duties and functions, exercised, performed and discharged by any such Council; " Monetary Board" means the Monetary Board of the Central Bank of Sri Lanka established under the Monetary Law Act, (Chapter 422) ;"non-resident" means an individual company, body corporate or other judicial person or any unincorporated body not included in the definition of " resident"; "place of business" means any branch or office of" a licensed commercial bank in Sri Lanka including a mobile office open to the public; "public corporation" means any corporation, board or other body which was or is established by or under any written law other than the Companies Ordinance, with funds or capital wholly or partly provided by the Government by way of grant, loan or otherwise; "qualified auditor" means
| (a) an individual who, being a member of the Institute off Chartered Accountants of Sri Lanka, or of any other Institute established by law, possesses a certificate to practice as an Accountant, issued by the Council of such Institute; |
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| (b) a firm of Accountants each of the resident partners of which, being a member of the Institute of Chartered Accountants of Sri Lanka or of any other Institute established by law, possesses a certificate to practice as an Accountant issued by the Council of such Institute ; |
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" resident " means
| (a) a citizen of Sri Lanka residing in Sri Lanka; |
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| (b) an individual who is not a citizen of Sri Lanka but who has been, in Sri Lanka for at least six months and continues or intends to be in Sri Lanka; |
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| (c) a company incorporated in Sri Lanka, or a body corporate established under any written law or any firm, partnership or other organization in Sri Lanka; |
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| (d) a branch subsidiary, affiliate, extension, office or any other unit of a company or other judicial person established under the laws of any foreign country, operating in Sri Lanka; |
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" substantial interest" means
| (a) in relation to a company means the holding of a beneficial interest by another company or an individual or his close relation, whether singly or taken together, in the shares thereof the paid-up value of which exceeds rupees one million or tea per centum of the paid-up capital of the company, whichever is law, or the existence of a guarantee or indemnity given by an individual or his close relation or by another company on behalf of such company; |
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| (b) in relation to a firm, means the beneficial interest held therein by an individual or his close relation, whether singly or taken together, which represents more than ten per centum of the total capital subscribed by all partners of the said firm or the existence of a guarantee or indemnity given by an individual or his or her spouse or parent or child on behalf of such firm. |
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Sri Lanka Consolidated Acts