5.
| (1) Where an application has been made to the Board for the registration of any Institution to which this Part of this Act applies, the Board may-
| | (a) examine, or cause to be examined by the Director of Bank Supervision of the Central Bank of Ceylon or any officer authorized in writing in that behalf by such Director, the books of accounts and other documents of such Institution ; | | |
| | (b) determine whether any sum of money accepted, borrowed or solicited by such Institution is a deposit and whether the affairs of such Institution are being conducted in a manner detrimental to its present or future depositors. | | |
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| (2) Where the Board is of opinion that such Institution is not liable to registration under section 3 or that the affairs of such Institution are being conducted in a manner detrimental to its present or future depositors, the Board shall refuse to register such Institution. |
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| (3) Where the Board is of opinion that such Institution is liable to registration under section 3, and that its affairs are not being conducted in a manner detrimental to its present or future depositors, the Board shall register the Institution. |
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| (4) The decision of the Board under subsection (1) or subsection (2) shall be final and conclusive and shall not be questioned in any court. |
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Sri Lanka Consolidated Acts