4. Section 5 of the principal enactment is hereby repealed and the following section substituted therefor :-
| 5.
| | (1) Where the Monetary Board is satisfied that a licence may be issued to a company or a proposed company to carry on banking business, it may, with the approval of the Minister, issue a licence to the company or proposed company to carry on banking business in Sri Lanka subject to such terms and conditions as may be imposed by the Monetary Board. | | |
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| (2) The licence issued under subsection (1) shall specify
| | (a) whether it authorizes the company to carry on domestic banking business or off-shore banking business or both such businesses; | | |
| | (b) the place or places or the area within which such banking business may be carried on; and | | |
| | (c) the terms and conditions subject to which such licence is issued. | | |
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| (3) Every licensed commercial bank shall display a copy of the licence issued to it under subsection (1) in a conspicuous place at its principal place of business in Sri Lanka and each of its branches.". |
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Sri Lanka Consolidated Acts