Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsDirector to take charge of all books records and assets
| 57. When the cancellation of the licence of a licensed commercial bank incorporated or established in Sri Lanka has become final in terms of subsection (3) of section 9, the licensed commercial bank shall forthwith suspend its business within and outside Sri Lanka, and the Director of Bank Supervision shall direct that liquidation proceedings in accordance with the provisions of this Act be taken. As soon as possible after initiating the liquidation proceedings an inventory or the assets and contingent liabilities of the licensed commercial bank shall be made and a copy thereof transmitted to the Monetary Board, which copy shall be available at the office of the Monetary Board for examination by the parties having an interest in the business of such bank. |