Sri Lanka Consolidated Acts

Banking Act (No. 30 of 1988)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title and date of operation  
   2.	   Licensing of banks  
   3.	   Application for a licence  
   4.	   Companies incorporated outside Sri Lanka to remit currency to Sri Lanka  
   5.	   Issue of licence  
   6.	   Limits imposed on all licensed commercial banks  
   7.	   Bank of Ceylon. People's Bank c not to be restricted by preceding provisions in the exercise of powers  
   8.	   Payment at licence fee  
   9.	   Consequences of failure to commence business on of a licence c  
   10.	   Directions of Board where notice cancellation is issued  
   11.	   commercial bank to suspend business,  
   12.	   Approval of the Monetary Board necessary prior to carrying on certain transactions c  
   13.	   Withdrawal of variation of approval under section 12  
   14.	   Compliance of persons and banks suspected of carrying on banking business  
   15.	   provisions of this Part not to apply to the Monetary Board or Central Bank  
   16.	   Restriction on use of certain names and descriptions  
   17.	   licensed commercial bank not to have as its subsidiary a company which is not a licensed commercial bank  
   18.	   Compliance with provisions of this Part essential  
   19.	   Capital  
   20.	   Reserve fund  
   21.	   Liquid Assets  
   22.	   Payment of dividends  
   23.	   Licence to engage in off-shore banking  
   24.	   Parts III, V and VI cot to apply to offshore banking  
   25.	   Nature of business an off-shore unit is authorized to carry on  
   26.	   Monetary Board to authorize off-shore banking  
   27.	   Off-shore unit to prepare balance sheet and profit and loss account  
   28.	   Monetary Board to specify form of balance sheet and profit and loss account  
   29.	   Off-shore banking units exempt from provisions of the Monetary Law Act  
   30.	   Preparation of Annual Report  
   31.	   Monetary Board to cause examination consequent to auditor's report  
   32.	   Maintenance of books accounts, c  
   33.	   Powers of the Director of bank Supervision over off- shore unit  
   34.	   Power of Monetary Board to call for information  
   35.	   Preparation of balance sheet and profit and loss account  
   36.	   Balance sheet  
   37.	   profit and loss account,  
   38.	   Publications of balance sheet and profit and loss account  
   39.	   Appointment of auditor  
   40.	   Consequences of failure to submit audit report c  
   41.	   Monetary Board to cause examination of a licensed commercial bank or any of it subsidiaries  
   42.	   Disqualification for being appointed or elected director  
   43.	   Secretary of licensed commercial bank  
   44.	   Disqualification for being appointed as Manager or Secretary of a Licensed commercial bank  
   45.	   Power of the Director of Bank Supervision  
   46.	   Monetary Board to give directions to licensed commercial banks  
   47.	   Conditions for the grant of a loan by way of accommodation  
   48.	   Licensed commercial bank not to engage in buying selling, c  
   49.	   Prohibition in the sale, transfer, c. of immovable assets  
   50.	   Liquidator  
   51.	   Liquidation  
   52.	   Licensed commercial bank to cease to carry on business  
   53.	   Notice of liquidation to be sent to depositors, creditors &c  
   54.	   Safeguard rights of depositors and creditors  
   55.	   Licensed commercial bank removed from list of licensed commercial banks  
   56.	   Compulsory liquidation  
   57.	   Director to take charge of all books records and assets  
   58.	   Director of Bank Supervision to have full management and control for the purpose of liquidation  
   59.	   Claims c. to be extended where liquidation proceedings have been instituted  
   60.	   Power at Director of Bank Super- vision to terminate contracts c  
   61.	   Termination of fiduciary functions  
   62.	   Director of Bank Supervision to issue statement to depositors  
   63.	   Safe deposit boxes  
   64.	   Functions of Director of Bank Supervision in relation to liquidation proceedings of a licensed commercial bank  
   65.	   Objection to Schedule  
   66.	   Priority of claims  
   67.	   Distribution of assets  
   68.	   Unclaimed funds  
   69.	   Audited account to be submitted to Court  
   70.	   Closure of licensed commercial banks incorporated outside Sri Lanka  
   71.	   This Part to prevail over any other law  
   72.	   Abandoned property  
   73.	   Abandoned property to be transferred to a special account  
   74.	   Publication of notice regarding abandoned property  
   75.	   Repayment by the Central Bank  
   76.	   Failure to deliver property presumed to be abandoned to be an offence  
   77.	   Declaration of secrecy  
   78.	   Protection for action this Act or on the directions of the Monetary Board  
   79.	   Offences  
   80.	   Persona who fail to take reasonable steps c. under the Act to be guilty of an offence  
   81.	   Offence by a body corporate  
   82.	   Regulations  
   83.	   Licensed Commercial bank deemed to be an approved credit agency  
   84.	   Amendment to the Monetary Law Act (Cap.422)  
   85.	   Amendment to the Companies Act, No.17 of 1982  
   86.	   interpretation