79.
| (1) The Minister may make regulations for the purpose of carrying out or giving effect to the principles and provisions of this Act or of amending any Schedule to this Act, and in particular in respect of matters required by this Act to be prescribed or in respect of which regulations are authorized to be made. |
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| (2) Without prejudice to the generality of the powers conferred by subsection (1), the Minister may make regulations for the seizure, recovery and sale of any property belonging to a director, manager, or other officer or employee of an insurance business who has acted in a manner prejudicial to the interests of the holders of policies of insurance issued in respect of that business and for the management of which an administrator has been appointed under section 53, whether such property is in the ownership or possession of such director, manager, other officer or employee, or of any member of his family or of any person or persons with whom such director, manager, other officer or employee has been associated in such business. |
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| (3) No regulation made by the Minister shall have effect until it is approved by the Senate and the House of Representatives and notification of such approval is published in the Gazette. |
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Sri Lanka Consolidated Acts