44.
| (1) Where the business of any licensed commercial bank has been vested in another licenced commercial bank under any written law, prior to the coming into force of Part VIlA of the principal enactment the Minister may by Order published in the Gazette, vest in the second mentioned licensed commercial bank any immovable property owned by the first mentioned commercial bank and any lease hold rights over any immovable property enjoyed by such first mentioned licensed commercial bank on the day preceding the date on which such business, was vested, in the second mentioned licensed commercial bank. |
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| (2) The second-mentioned licensed commercial bank shall pay to the first-mentioned licensed commercial bank, in respect of the vesting made by an Order made under subsection (1), compensation in such amount as is determined by the Monetary Board taking into account the value of the assets and liabilities vested in the second-mentioned licensed commercial bank as on the date of the vesting of the business of such first-mentioned licensed commercial bank in the second-mentioned licensed commercial bank, and any other relevant matters relating' to such vesting". |
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Sri Lanka Consolidated Acts