2. Section 6 of the Exchange Control Act, hereinafter referred to as the " principal Act ", is hereby amended as follows: -
| (1) by the repeal of sub-section (1) of that section, and the substitution therefor, of the
following new sub-section: -
| | '(1) The foreign exchange to which this section applies is su1ch foreign exchange (hereafter in this Act referred to as the " specified foreign exchange ") as may be prescribed.; | | |
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| (2) by the repeal of sub-section (2) of that section, and the substitution therefor, of the following new sub-section: - "
| | " (2) The bank may require any person in, or resident in, Ceylon-
unless the bank consents to his retention and use of such foreign exchange or he disposes of such foreign exchange to any person with the permission of the bank,"; | | | (a) who owns or holds any specified foreign exchange to offer it or cause it to be offered for sale to an authorized dealer at a price determined by the Monetary Board, or |
| (b) who is entitled to assign any right to receive any specified foreign exchange to transfer such right to the Deputy Secretary to the Treasury on payment of such consideration as the Monetary Board may fix, |
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| (3) in sub-section (3) of that section-
| | (a) by the substitution, for the words " specified foreign currency ", of the words "specified foreign exchange "; | | |
| | (b) by the substitution, for the words " requires that gold or currency ", of the words " requires that gold or exchange "; and | | |
| | (c) by the substitution, for the words " to that gold or currency", of the words "to that gold or exchange "; | | |
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| (4) in sub-section (4) of that section-
| | (a) by the substitution, for the words specified foreign currency ", of the words " specified foreign exchange "; | | |
| | (b) by the substitution, for the words " of that gold or currency ", of the words " of that gold or exchange "; and | | |
| | (c) by the substitution, for the words " for that gold or currency ", of the words for that gold or exchange "; | | |
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| (5) in sub-section (5) of that section, by the substitution, for the words " specified foreign currency ", of the words " specified foreign exchange "; |
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| (6) in sub-section (6) of that section-
| | (a) by the substitution, for the words " specified foreign currency ", of the words " specified foreign exchange "; | | |
| | (b) by the substitution, for the words " direct that that gold or currency ", of the words " direct that that gold or exchange "; and | | |
| | (c) by the substitution., for the words " for that gold or currency ", of the words " for that gold or exchange "; | | |
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| (7) in sub-section (7) of that section, by the substitution, for the words "the gold or currency", of the words " the gold or exchange"; and |
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| (8) in the marginal note to that section, by the substitution, for the words "specified foreign currency", of the words " specified foreign exchange". |
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Sri Lanka Consolidated Acts