Sri Lanka Consolidated Acts

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Finance Leasing Act (No. 56 of 2000) - Sect 10

Procedure for suspension or cancellation of a registration

10. (1) The Director shall, before suspending or cancelling the registration of a registered establishment on any one or more of the grounds specified in section 9, serve a notice in writing on the establishment, informing it of such fact and specifying the ground for the proposed suspension or cancellation. (2) A registered establishment may, within fourteen days of receipt of a notice under subsection (1), show cause as to why its registration should not be cancelled or suspended. (3) Where a registered establishment fails to show cause within the period specified in subsection (2), the Director may suspend or cancel, as the case may be, the registration. (4) Where the registered establishment in compliance with notice issued to it under subsection (1) shows cause within the specified period, the Director may. alter considering the reasons submitted- (a) refrain from suspending or cancelling the registration, if he is satisfied that the establishment has shown sufficient cause as to why its registration should not be suspended or cancelled ; or (b) suspend or cancel the registration, if he is satisfied that the establishment has not shown sufficient cause as to why its registration should not be suspended or cancelled. (5) The decision of the Director under subsection (3) or subsection (4), shall be served on the registered establishment and shall take effect on the date on which such decision is served on the establishment.


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