Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 418

Restriction on nature of subsidiary company

418.
(1) A banking company shall not form any subsidiary company which is not a banking company.
(2)Save as provided in subsection (1), a banking company shall not hold shares in any company whether as pledgee, mortgagee or absolute owner of an amount exceeding forty per centum of the issued share capital of that company :

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