1. The First Schedule to the principal enactment is hereby amended as follows: -
| (1) in clause 1 of Part I of that Schedule-
| | (a) by the substitution, for paragraph (f) thereof, of the following new paragraph: -
| | | ' (f) To buy., sell, invest, underwrite, deal in and dispose of stocks, shares, debentures, mortgages, bonds, or securities issued or guaranteed by the Government of Sri Lanka or by the Government of any other country or by any company or corporation: |
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| | (b) in paragraph (g) thereof, by the substitution, for the proviso thereto, of the following new proviso: | | |
| | (c) by the substitution, for paragraph (h) thereof, of the following new paragraph: - (h) To purchase, take on lease or in exchange, hire or otherwise acquire, any immovable or movable property and any rights or privileges.'; | | |
| | (d) by the substitution, for paragraph (i) thereof, of the following new paragraph: -
| | | (i) To enter into any arrangement for sharing profits, union of interest, co-operation, joint adventure, reciprocal concession or otherwise with any person or company carrying on or engaged in or about to carry on or engaged in any business or transaction."; |
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| | (e) in paragraph (I) thereof, by the substitution, for the proviso thereto, of the following new proviso; - "Provided, however, that the powers contained in this paragraph shall only be exercised with the approval of at least four directors of the bank given after considering the written observations of the general manager of the bank, and with the written consent of the Minister."; | | |
| | (f) by the substitution, for paragraph (m) thereof, of the following new paragraph: -
| | | (m) To construct buildings on or improve or develop any land belonging to or taken on lease or possessed or occupied by the bank and to manage, exchange, lease, mortgage, dispose of, sell, turn to account or otherwise deal with all or any part of the property and rights of the bank."; |
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| | (g) by the substitution, for paragraph (p) thereof, of the following new paragraph: -
| | | (p) To procure the bank to be registered or recognized in any foreign country or place."; (h) by the substitution, for paragraph (q) thereof, of the following new paragraph: -
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| | (j) by the substitution, for paragraph (r) thereof, of the following new paragraph: -
| | | (r) To do hire-purchase business and receive discounts, commissions and other remuneration."; |
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| | (j) by the substitution, for paragraph (3) thereof, of the following new paragraph: -
| | | (s) To form any company for carrying on any business, to acquire and undertake the business of, purchase any interest in, or acquire or hold shares or stock in, any company carrying on any business."; |
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| | (k) by the insertion, immediately after paragraph (3) thereof, of the following new paragraphs: -
| | | (t) To carry on such other trade or business or engage in such other activity, which can in the opinion of the bank be advantageously carried on or engaged in by the bank. |
| (u) To do all things incidental or conducive to the attainment of the above objects or the exercise of the above powers.". |
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| (2) in clause 3 of Part II of that Schedule- (a) by the substitution, for paragraph (a) thereof, of the following new paragraph: -
| | (a) No loan, overdraft, advance or other accommodation shall be granted by the bank to any person unless the board is satisfied that he is worthy of credit up to the amount of such advance, loan or other accommodation or that such amount is secured by adequate security, or that the project or scheme to which such amount is to be applied is financially sound: Provided that the bank may grant any loan, overdraft, advance or other accommodation to any Government department, corporation. statutory body, local authority, co-operative society, approved society or unincorporate body of persons which is unable to satisfy the board as to the requirement contained in the preceding provisinos of this paragraph if the grant of such loan, overdraft, advance or other accommodation is approved by the Minister in consultation with the Minister in charge of the subject of Finance and if the Minister in charge of the subject of Finance guarantees under section 10 the repayment of such advance, loan or other accommodation. "; | | |
| | (b) by the substitution, for paragraph (b) thereof, of the following new paragraph: -
| | | (c) by the substitution, for paragraph (f) thereof, of the following new paragraph: -
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| (d) by the omission of paragraph (g) thereof. |
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Sri Lanka Consolidated Acts