7. Section 21 F of the principal enactment is hereby repealed and the following section substituted therefor :
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| | (1) Where a transfer of title to a Scripless Treasury Bond is made by a dealer direct participant from or into an account maintained for a customer under subsection (4) of section 21 E or an interest of any customer in a Scripless Treasury Bond is recorded or any amendment or variation is made in respect of any such interest in any Scripless Treasury Bond in such account, such dealer direct participant shall issue to such customer a confirmation in accordance with such directions as may from time to time be issued by the Central Bank. | | |
| | (2) The provisions of subsection (1) shall not be construed as derogating from any obligation imposed under the Monetary Law Act on the provider of depository facilities for scripless securities, to issue statements or confirmations in respect of accounts maintained in such depository and in the event of any conflict or inconsistency between a statement or confirmation so issued by the depository and the statement or confirmation issued under subsection (1), the statement or confirmation issued by the depository shall prevail. | | |
| | (3) The confirmation referred to in subsection (1) shall not be capable of being negotiated and shall be used solely as evidence of dealings between the dealer direct participant who issued it and the customer in respect of the Scripless Treasury Bond to which it relates. | | |
| | (4) The Central Bank may permit any notification, confirmation, acknowledgment or receipt required under this section to be issued in a non-written form and to be transmitted or delivered by wire, telephone, satellite, cable or any other such electronic, magnetic or optical media, as may be specified by the Central Bank, | | |
| | (5) An electronic record of a Scripless Treasury Bond, or any confirmation, notice, acknowledgment, receipt or other document or record issued or maintained for the purposes of this Ordinance in an electronic form shall not be denied legal effect, validity, or enforceability solely on the ground that such scripless treasury bond is maintained in an electronic form or that such confirmation, notice, acknowledgement receipt or other document or record is issued or maintained in electronic form and such confirmation, notice, acknowledgment, receipt or other document may be tendered in evidence in proceedings before any court or tribunal in accordance with Parts II and III of the Evidence (Special Provisions) Act, No. 14 of 1995 or any other law for the time being in force in relation to the tendering of computer evidence before any court or tribunal.". | | |
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Sri Lanka Consolidated Acts