40. In this Act, unless the context otherwise requires-" Central Bank" means the Central Bank of Sri Lanka established under the Monetary Law Act;" company" shall have the same meaning as in the Companies Act, No. 17 if 1982;"Ceylon Chamber of Commerce" means the Ceylon Chamber of Commerce incorporated by the Chamber of Commerce Ordinance ;" Factoring Company " means a company which-
| (a) assumes responsibility for the trade debts of a client company; |
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| (b) assumes responsibility for the trade debts due to the client company, thereby relieving the client of the risk of lose; |
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| (c) takes over client's trade debts and in certain circumstances, advances a portion of their value immediately, and the balance on maturity of debts; |
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| (d) purchases a debt or a number of debts from a client, usually in order to improve the client's cash flow ; or |
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| (e) underwrites a client's trade debt with or with-out recourse ; |
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"Fund Management Company" means a company which manages portfolios of their clients in investing in range of assets to suit the clients preferences and" Institute of Chartered Accountants " means the Institute of Chartered Accountants established by the Institute of Chartered Accountants Act, No. 23 of 1959 ;" licensed commercial bank" means a public company licensed to carry on banking business under the Banking Act, No 30 of 1988." prescribed" means prescribed by regulation made by the Minister;" public corporation" means any corporation, board or other body which was or is established by or under : any written law other than the Companies Act, with funds or capital who by or partly provided by the Government by way of grant, loan or otherwise ;" Securities and Exchange Commission " means the Securities and Exchange Commission established by the Securities and Exchange Commission Act, No. 36 of 1987;" share-holders' equity " when used in relation to a public company, means the issued capital of that company and its reserves. |
Sri Lanka Consolidated Acts