10.
| (1) Where notice for the cancellation of a licence has been issued by the Monetary Board under subsection (1) of section 9, the Board may give directions to the licensed commercial bank
| | (a) prohibiting it from dealing with or disposing of its assets in any manner specified in such direction ; | | |
| | (b) prohibiting it from entering into any transaction or class of transactions so specified; or | | |
| | (c) prohibiting it from soliciting deposits. | | |
|
|
| (2) Whereas a licensed commercial bank has failed to comply with the directions issued under subsection (1) the Monetary Board may further direct
| | (a) such bank to forthwith suspend its business within Sri Lanka, and, in the case of a bank incorporated or established in Sri Lanka, its business within and outside Sri Lanka; and | | |
| | (b) the Director of Bank Supervision to take charge of its business and of its books, records and assets, and it shall be lawful for the Director of Bank Supervision to take such steps as are necessary for mm to comply with the directive of the Monetary Board. | | |
|
|
| (3) Where the Director of Bank Supervision takes charge of all books, records and assets under subsection (2) and the Monetary Board withdraws the cancellation unconditionally, the Monetary Board shall direct the Director of Bank Supervision to deliver forthwith to such bank the books, records and assets taken into his custody. |
|
| (4) Not withstanding anything in any written law for the time being in force, no action or proceedings may be instituted by any licensed commercial bank in any court in respect of any directions given bona fide under this section, and any loss or damage incurred or likely to be incurred or alleged to be incurred by reason of any such direction. |
|
|
Sri Lanka Consolidated Acts