13. The following new section is hereby inserted immediately after section 17, and shall have effect as section 17A of the principal enactment.
| 17A.
| | (1) subject to the provisions at sub-section (2), a licensed commercial bank shall not acquire or hold shares in any company, and
| | | (a) any share holding acquired by such bank shall not be in excess of suck percentage of its capital funds as the Monetary Board may determine from time to time; and |
| (b) the aggregate amount invested to the shares of listed public companies (excluding companies which are subsidiaries of the bank) shall not exceed, such percentage of its capital funds as may be determined from time to time by the Monetary Board: |
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| | (2) The provisions of subsection (1), shall not apply to-
| | | (a) Investment in a subsidiary company of such bank which is a licensed commercial bank ; |
| (b) Investments in any other subsidiary company of the bank acquired with the approval of the Monetary Board; |
| (c) any shareholding which the bank might acquire in the course of the satisfaction of any debt due to such bank, or as a consequence of the under- |
| (d) any acquisition or holding of shares in any company which in the opinion of the Monetary Board is established for the advancement and promotion of human resources development and technological development in the banking and financial sectors. |
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| | (3) for the purpose of this section "listed public company " means any public company which has its securities listed or quoted in a stock exchange licensed under the Securities and Exchange Commission Act, No. 37 of 1987.". | | |
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Sri Lanka Consolidated Acts