9.
| (1) Where the Monetary Board is satisfied that any licensed commercial bank has
| | (a) failed to commence business within nine months of the issue of the licence under section 5 ; or | | |
| | (b) failed to pay up any debts incurred by it, on such debts becoming due ; or | | |
| | (c) where a petition or action for relief has been filed against it, had appointed in respect of it, under any bankruptcy law or any other law which provides for relief of debtors or which relates to debtors, a custodian or receiver; or | | |
| | (d) ceased to carry on banking, business. | | |
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| (2) A licensed commercial bank may tender objections in writing to the Monetary Board against the notice of cancellation under subsection (1), within thirty days of the date of receipt of such notice, giving reasons why the licence issued to it under section 5 should not be so cancelled- |
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| (3) After the expiration of sixty days from the date of notification of the cancellation and after considering the objections tendered to the Board under subsection (2), the Monetary Board may withdraw such notice or cancel the licence issued to the licensed commercial bank, and shall notify the bank accordingly. |
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| (4) A cancellation of a licence under subsection (3) shall take effect
| | (a) where no appeal against the cancellation is preferred under subsection (5), after the period for preferring such appeal has expired; or | | |
| | (b) where an appeal against the cancellation is preferred under subsection (5), after the cancellation, is upheld by the Court of Appeal, | | |
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| (5) Any person aggrieved by a decision of the Monetary Board in respect of any cancellation under subsection (3). may appeal against such decision to the Court of Appeal within fourteen days of his being informed by the Board of such cancellation. |
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| (6) Until rules are made under Article 136 of the Constitution pertaining to appeals under this section, the rules made under that Article pertaining to applications by way of revision to the Court of Appeal shall apply to every appeal made under this section, |
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| (7) The Court of Appeal may an appeal made to it under subsection (5), confirm, revise, modify or set aside the decision against which the appeal is made and make any other order as the interests of justice may require. |
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Sri Lanka Consolidated Acts