Control Of Finance Companies Act (No. 27 of 1979)

Sri Lanka Consolidated Acts

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Control Of Finance Companies Act (No. 27 of 1979) - Sect 2

Application of this Act

(1) This Part of this Act shall apply to-

	(a) every Institution which is a limited liability company with capital of not less than one hundred thousand rupees;

	(b) every Institution with deposits in excess of five hundred thousand rupees;

	(c) any two or more affiliated or connected Institutions which are limited liability companies whose capital when aggregated is not less than one hundred thousand rupees ;

	(d) any two or more affiliated or connected Institutions whose total deposits when aggregated are in excess of five hundred thousand rupees; and

	(e) any group or category of Institutions declared by the Minister on the recommendation of the Monetary Board of the Central Bank of Ceylon (hereinafter referred to as the " Board ") by Order published in the Gazette to be Institutions to which this Part of this Act shall apply.

(2) Notwithstanding the provisions of subsection (1), this Act shall not apply to any banking institution within the meaning of section 127 of the Monetary Law Act or to any co-operative society registered under the Co-operative Societies Law, No. 5 of 1972

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