Sri Lanka Consolidated Acts

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Regional Development Banks Act (No. 6 of 1997)


           Long Title

   1.	   short title  
   2.	   Incorporation Order for establishment of a Development Bank for a specified region  
   3.	   Principal place of business, branches and agencies of the Bank  
   4.	   Object of the Bank  
   5.	   Powers of the Bank  
   6.	   Board of Directors  
   7.	   Constitution of the Board  
   8.	   Nominated Directors  
   9.	   Elected directors. Holders  
   10.	   The First Board of Directors  
   11.	   Chairman of the Board  
   12.	   Remuneration of Directors  
   13.	   Director to disclose interest in contract proposed to be made by the Bank  
   14.	   Meetings of the Board, quorum and regulation of procedure  
   15.	   Acts of the Board not to be invalid by reason of any vacancy  
   16.	   Delegation of powers and duties of the Board  
   17.	   seal of the bank  
   18..	   Authorised capital and contributions to the initial capital  
   19.	   Bank to offer shares to others  
   20.	   Transfer of shares by shareholders of the Bank  
   21.	   Borrowings from the Government  
   22.	   Borrowings from foreign Governments &c  
   23.	   General Reserve Fund  
   24.	   Special Reserve Fund  
   25.	   Development Fund  
   26.	   Payments of dividends  
   27.	   Exemption of Bank from income tax  
   28.	   Security on which loans may be granted by the Bank  
   29.	   General Manager  
   30.	   Staff of the Bank  
   31.	   Financial year and Annual General Meeting  
   32.	   Board to keep proper books of accounts and prepare balance sheet and profit and loss account  
   33.	   Appointment of qualified auditor  
   34.	   Duties and functions of the auditor  
   35.	   Documents to be transmitted to the Minister to be laid before Parliament  
   36.	   Rules to be made in respect of maintaining accounts  
   37.	   Certain written laws not to apply to the Bank  
   38.	   The Bank deemed to be an approved credit agency  
   39.	   Exemption from stamp duty  
   40.	   Indemnity of directors &c  
   41.	   Declaration of secrecy  
   42.	   Rules  
   43.	   Bank to be "leading institution" "Bank" and "licensed specialised Bank"  
   44.	   Conversion of demand deposits into saving or time deposits  
   45.	   Vesting of business of Regional Rural Development Banks in a Bank  
   46.	   Effect of the Vesting order  
   47.	   Audit of accounts; and valuation of vested business  
   48.	   Debentures to be issued to the Monetary Board to the value of excess net worth  
   49.	   Saving provision  
   50.	   Payment of compensation  
   51.	   Sinhala text to prevail in case of inconsistency  
   52.	   Interpretation  

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