412.
| (1) No company, association, or partnership shall carry on the business of banking unless it is registered as a public company under this Act. |
|
| (2) No company, association or partnership which is form ed outside Sri Lanka shall carry on the business of banking in Sri Lanka unless
| | (a) it is formed in pursuance of some written law of the Government of a foreign country, Royal Charter or Letters Patent or is duly incorporated as a banking company outside Sri Lanka, and | | |
| | (b) has an established place of business in Sri Lanka and has complied with the provisions of Part XIII of this Act. | | |
|
|
| (3) Where any company, association or partnership carries on the business of banking in contravention of the pro visions of subsection (1) or subsection (2), each of such persons
| | (a) shall be guilty of an offence and shall be liable to a fine not exceeding live hundred rupees or to imprisonment of either description for a term not exceeding three months or to both such fine and imprisonment; and | | |
| | (b) shall, without prejudice to the provisions of para - graph (a), be severally liable for the payment of the whole debts of the company, association or partnership of which he is or was a member, and may be sued accordingly without the joinder in the suit of any other member of the company, association or partnership. | | |
|
|
|
Sri Lanka Consolidated Acts