6. Section 30 of the principal Act is hereby repealed and the following new section substituted therefor: -
| 30.
For the purposes of this subsection, where the identity of the person or persons by whom or for whose benefit, any sum, assets, interest or dividends are directly or indirectly receivable depends on the exercise by any person resident in Sri Lanka of a power vested in him in that behalf, the sum, assets, interest or dividends shall be deemed to be receivable directly or indirectly by, or for the benefit of, any person or persons resident in Sri Lanka'.. | | (1) Where there is served on any person resident in Sri Lanka a notice in writing that the bank wishes any such requirements as are hereinafter mentioned to be complied with by any foreign company, and that person can by doing or refraining from doing any act-
| | | (a) cause the foreign company to comply with any of the requirements; or |
| (b) remove any obstacle to the foreign company complying with any of the requirements; or |
| (c) render it in any respect more probable that the foreign company will comply with any of the requirements, |
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| | (2) The requirements with respect to which a notice under subsection (1) may be given are as follows, that is to say, the foreign company shall-
| | | (a) furnish to the bank such particulars relating to the assets and business of such company as may be mentioned in the notice; |
| (b) sell or procure the sale to an authorized dealer of any foreign exchange mentioned in the notice, being foreign exchange which it is entitled to sell or to which it is entitled to procure the sale; |
| (c) declare and pay such dividends as may be mentioned in the notice; |
| (d) realize any of its assets mentioned in the notice in such manner as may be so mentioned; |
| (e) refrain from selling, or transferring, or doing anything which affects its rights or powers in relation to, any such instrument or securities as may be mentioned in the notice. |
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| | (3) Except with the general or special permission of the bank, no person resident in Sri Lanka shall do any act whereby any business which is controlled by persons resident in Sri Lanka ceases to be so controlled. | | |
| | (4) Notwithstanding anything contained in any other law, no transfer of any interest in any business in Sri Lanka made by a person resident outside Sri Lanka to any person also resident outside Sri Lanka shall be valid unless such transfer is confirmed by the bank on an application made to it for such confirmation by the transferor or the transferee. The preceding provisions of this subsection shall not apply to the transfer of any share in a company. | | |
| | (5) Except with the general or special permission of the bank, no person resident in Sri Lanka shall transfer any interest in any business in Sri Lanka, or create any interest in any such business, to or in favour of a citizen of a foreign State. | | |
| | (6) Except with the general or special permission of the bank, no person resident in Sri Lanka shall give a guarantee in respect of any debt or any other obligation or liability of a person resident outside Sri Lanka. | | |
| | (7) Except with the general or special permission of the bank, no person resident in Sri Lanka shall lend any money either to any firm or company (other than a banking company) which is controlled directly or indirectly by persons resident outside Sri Lanka. | | |
| | (8) In this section, foreign company " means a company not incorporated under any law in force in Sri Lanka and in the case of which any of the following conditions is fulfilled: -
| | | (a) that the company is by any means controlled (directly or indirectly) by any person or persons resident in Sri Lanka; or |
| (b) that more than half of the sums which, on a liquidation thereof, would be receivable by holders of share or loan capital, would be receivable directly or indirectly by, or for the benefit of, persons resident in Sri Lanka; or |
| (c) that more than one-half of the assets which, on a liquidation thereof, would be available for distribution after the payment of creditors would be receivable directly or indirectly by, or for the benefit of, any person or persons resident in Sri Lanka; or |
| (d) that more than, one-half-
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Sri Lanka Consolidated Acts