Sri Lanka Consolidated Acts

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Banking Act (No. 30 of 1988) - Sect 60

Power at Director of Bank Super- vision to terminate contracts c

60.
(1) Within a period of six months from the date on which the cancellation of a licence becomes final, the Director of Bank Supervision may, subject to the provisions of any other law for the time being in force, terminate
(a) any contract of employment entered into with such bank;
(b) any contract for services to which such licensed commercial bank was a party; or
(c) any obligation of the licensed commercial banks including its obligations, if any, as a lessee.
(2) A lessor who shall have received ninety days notice that the Director of Bank Supervision is exercising discretionary powers to terminate the lease shall have no claim for rent other than rent accrued on the date of termination of the lease, not for damages by reason of such termination.

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