17. Section 29 of the principal enactment is hereby repealed and the following section is substituted therefor :-
| 29.
| | (1) Subject to the provisions of subsection (2). the provisions of Parts III, VI and VII of Chapter V of the Monetary Law Act shall net apply in respect of off-shore banking business of a licensed commercial bank. | | |
| | (2) The Monetary Board may, by notice published in the Gazette declare that all or any of the provisions of Parts III, VI, and VII of Chapter V of the Monetary Law Act (Chapter 422), shall apply in respect of the off-shore banking business of a licensed commercial bank in general or in respect of its off-shore banking business with resident only.". | | |
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Sri Lanka Consolidated Acts