19.
| (1) Every licensed commercial bank shall at all times maintain an unimpaired capital in an amount not less than twenty-five million rupees. |
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| (2) The unimpaired capital shall be
| | (a) paid up if it is a licensed commercial bank incorporated or'" established in Sri Lanka by or under any written law ; | | |
| | (b) assigned to such bank by the head office if it is a licensed commercial bank incorporated or established outside Sri Lanka: | | |
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| (3) For the purpose of computing the minimum required capital, when such amount is prescribed in reference to liabilities or assets, both capital and liabilities or assets shall be of such kind and computed in such manner as the Monetary Board may form time to time determine, having regard to the interests of national economy, |
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| (4) In the case of a licensed commercial bank incorporated or established in Sri Lanka by or under any written law, the limit of foreign participation in the capital of such bank, shall at no time exceed the limit, established from time to time, by the Monetary Board. |
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| (5) A licensed commercial bank shall not reduce its-
| | | (b) capital assigned to such bank, | | |
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| (6) A licensed commercial bank shall not create any charge upon any unpaid capital of such bank and any such charge created in contravention of these provisions shall be null and void- |
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| (7)
| | (a) Every licensed commercial bank shall at all times maintain capital funds in an aggregate amount equivalent to such percentage of the average of its month-end liabilities including contingent liabilities, incurred during the preceding twelve months as may from time to time be determined by the Monetary Board, having regard to the interests of national economy. | | |
| | (b) Any variation in the percentage referred to in paragraph (a) shall be communicated to every licensed commercial bank by the Monetary Board in writing, provided that every licensed commercial bank which is required by such variation to augment its capital funds, shall be afforded a period of twelve months or such longer period as may be granted by the Monetary Board, in which to comply with such requirement. | | |
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| (8) Nothing contained in subsections (1) and (?) shall be construed to mean that the licensed commercial banks set out in Schedule I of this Act are required to comply with the provisions of the preceding subsections before the expiry of twelve months from the appointed date. |
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| (9) Where the capital or capital funds of a licensed commercial bank have become deficient in terms of the provisions of the preceding subsections the Monetary Board may, grant a reasonable period of time for the rectification of such deficiency. |
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Sri Lanka Consolidated Acts