Banking (Amendment) Act (No. 33 of 1995)

Sri Lanka Consolidated Acts

Amendment of section 24 of the principal enactment

15. Section 24 of the principal enactment is hereby repealed and the following section is substituted therefor:-

24.

	(1) All off-shore operation of a licensed commercial bank under this Part, shall be carried on by its off-shore unit, and subject to the provisions of subsection (2), Parts III, V and VI of this Act, shall not apply in respect of such off-shore banking business.

	(2) The Monetary Board may by notice published in the Gazette declare, that all or any of the provisions contained in Parts III, V and VI of this Act shall apply in respect of all off-shore banking business of a licensed commercial bank in general or in respect of its off-shore banking business with residents only.".