411. A " banking company" means a company which carries on as its principal business the accepting of deposits of money, subject to withdrawal on demand by cheque, draft, order or otherwise, notwithstanding that it engages in any one or more of the following forms of business, namely :
| (a) the borrowing, raising or taking up of money ; the lending or advancing of money either upon or without security ; the drawing, making, accepting, discounting, buying, selling, collecting and dealing in bills of exchange, hoondees, promissory notes, coupons, drafts, bills of lading, railway receipts, warrants, debentures, certificates, scrips and other instruments, and securities whether transferable or negotiable or not; the granting and issuing of letters of credit, traveler’s cheques and circular notes; the buying, selling and dealing in bullion and specie ; the buying and selling of foreign exchange including foreign bank notes, the acquiring, holding, issuing on commission, under writing and dealing in stock, funds, shares, debentures, debenture stock, bonds) obligations, securities and investments of all kinds, the purchasing and selling of bonds, scrips or other forms of securities on behalf of constituents or others ; the negotiating of loans and advances ; the receiving of all kinds of bonds, scrips or valuables on deposit, or for safe custody or otherwise and the carrying on of the business of safe deposit; the collecting and transmitting of money and securities ; |
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| (b) acting as agents for Governments or local authorities or for any other person or persons ; the carrying on of agency business of any description other than the business of a managing agent of any company, which is not a banking company, but including the clearing and forwarding of goods, the power to act as attorneys and to give discharges and receipts ; |
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| (c) contracting for public and private loans and negotiating and issuing the same ; |
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| (d) the promoting, effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, public or private, of State, municipal or other loans or of shares, stock, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such issue; |
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| (e) carrying on and transacting every kind of guarantee and indemnity business; |
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| (f) promoting or financing or assisting in promoting or financing any business undertaking or industry, either existing or new, and developing or forming the same either through the instrumentality of syndicates or otherwise ; |
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| (g) acquisition by purchase, lease, exchange, hire or other- wise of any property immovable or movable and any rights or privileges which the company may think necessary or convenient to acquire or the acquisition of which in the opinion of the company is likely to facilitate the realization of any securities held by the company or to prevent or diminish any apprehended loss or liability ; |
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| (h) managing, selling and realizing all property movable and immovable which may come into the possession of the company in satisfaction or part satisfaction of its claims; |
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| (i) acquiring and holding and generally dealing with any property and any right, title or interest in any property movable or immovable which may from the security or part of the security for any loans or advances or which may be connected with any such security; |
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| (j) undertaking and executing trusts; |
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| (k) undertaking the administration of estates as executor. trustee or otherwise ; |
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| (l) taking or otherwise acquiring and holding shares in any other company having objects similar to those of the company; |
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| (m) establishing and supporting or aiding in the establishment and support of associations, institutions, funds, trusts and conveniences calculated to benefit employees or ex-employees of the company or the dependants or connections of such persons ; granting pensions and allowances and making payments towards insurance; subscribing to or guaranteeing moneys for charitable or benevolent objects or for any exhibition or for any public, general or useful object; |
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| (n) the acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purposes of the company ; |
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| (o) selling, improving, managing, developing, exchanging, leasing, mortgaging, disposing of or turning into account or otherwise dealing with all or any part of the property and rights of the company ; |
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| (p) acquiring and undertaking the whole or any part of the business of any person or company when such business is of a nature enumerated or described in this section; |
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| (q) doing all such other things as, are incidental or conducive to the promotion or advancement of the business of the company ; , |
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| (r) engaging in management consultancy services ; |
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| (s) providing for the training in banking, accounting, valuation, project and credit appraisal and allied subjects; |
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| (t) engaging in the business of hire-purchase services, factoring, leasing and warehousing ; |
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| (u) providing for medium and long term credit for development. |
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Sri Lanka Consolidated Acts