55. Where the Monetary Board is of the opinion that any licensed commercial bank has discharged all its obligations as referred to in section 54 the name of such bank shall be removed from the list of licensed commercial banks and the outstanding assets shall be distributed among its rightful owners in proportion to their respective rights. No distributions shall be made until
| (a) all claims of depositors or other creditors or owners have been paid and, in the case of disputed claims, before the licensed commercial bask has transmitted to the Central Bank sufficient funds to meet any liability that may arise after a judicial decision; |
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| (b) any funds payable to depositors, other creditors and owners who have not claimed them, have been transmitted to the Central Bank ; |
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| (c) any other funds or property held by the licensed commercial bank which could not be returned to the rightful owner in accordance with the provisions of this section, have been dealt with in accordance with section 72. |
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Sri Lanka Consolidated Acts