7. Section 31 of the principal Act is hereby amended as follows: -
| (1) by the repeal of subsection (1) of that section and the substitution therefor, of the following new subsection: -
| | " (1) Where any person applies for the permission of the bank for the making of a payment, or the placing of any sum, to the credit of any person resident outside Sri Lanka, the bank may direct that the sum payable or to be credited shall be paid or credited to a blocked account only. Where such direction is given by the bank such person shall pay or credit such sum to a blocked account."; | | |
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| (2) by the repeal of subsection (2) of that section. and the substitution therefor, of the following new subsection: -
| | (2) Where the bank directs that a payment shall be made to a blocked account only,
| | | (a) the manner in which the payment may be made shall be either-
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| (b) the sum collected shall be credited by the banker to a blocked account of that person.". |
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| (3) by the repeal of subsection (3) of that section; and |
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| (4) by the omission of the proviso to subsection (4) of that section |
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Sri Lanka Consolidated Acts