45.
| (1) Where the Director of Bank Supervision is of the opinion that a licensed commercial bank
| | (a) is engaging in unsafe or unsound practices in the carrying on of its business, which
| | | (i) is likely to jeopardize its obligations to its depositors ; or |
| (ii) is likely to result in such bank being unable to meet its obligations ; or |
|
| | (b) has contravened or failed to comply with the provisions of the Monetary Law Act or the provisions of this Act, | | |
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| (2) Any licensed commercial bank dissatisfied with an order given under subsection (1), may, before the expiry of thirty days from the date of the issue of such order, appeal in writing to the Monetary Board and the Monetary Board shall render its decision within fifteen days of receipt of such appeal. |
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Sri Lanka Consolidated Acts