2.
| (1) On or after the appointed date, no banking business shall be carried on except by a company under the authority of a licence issued by the Monetary Board with the approval of the Minister, |
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| (2) Where such company is a company incorporated outside Sri Lanka no licence shall be issued unless such company has complied with the provisions of Part XIII of the Companies Act, No, 17 of 1982. |
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| (3) Any company which has been issued a licence under the provisions of this Act shall, hereinafter be referred to as a "licensed commercial bank". |
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| (4) Notwithstanding the provisions of subsections (1) and (2) of this section and of section 3 of this Act, all commercial banks specified in Schedule I to this Act, which on the appointed date are carrying on banking business, shall be issued a licence in accordance with the provisions of this Act, |
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| (5) Any company which carries on banking business in contravention of subsection (1) shall be guilty of an offence under this Act. |
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Sri Lanka Consolidated Acts