48.
| (1) The Money Lending Ordinance is hereby amended as follows: -
| | (a) in the long title of that Ordinance, by the substitution, for the expression "Money-Lending Transactions.", of the expression " Money-Lending Transactions, and the Prohibition of the carrying on of the Business of Money Lending by Certain Persons.''; | | |
| | (b) by the insertion, immediately after section 1 of that Ordinance, of the following new sections which shall have effect as section 1a and section 1b of that Ordinance: -
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| (2) Any person who contravenes the provisions of subsection (1) shall be guilty of an offence and shall, on conviction after summary trial before a Magistrate, be liable to a fine not exceeding one thousand rupees or to imprisonment of either description for a term not exceeding six months, or to both such fine and imprisonment. |
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| (3) In any prosecution of any person for an offence under this section, the burden of proving that such person is a citizen of Ceylon, or is not a foreign company or foreign firm, shall lie on such person. |
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| (4) In this section,-
| | (a) " citizen of Ceylon" means any individual who is a citizen of Ceylon under any law for the time being in force relating to such citizenship; | | |
| | (b) " foreign company " means a company to which Part XI of the Companies Ordinance applies, other than any commercial bank within the meaning of the Monetary Law Act or any life insurance company; and | | |
| | (c) " foreign firm " means a firm-
| | | (i) consisting of two partners one of whom is not a citizen of Ceylon, or both of whom are not such citizens; or |
| (ii) consisting of more than two partners at least one of whom is not a citizen of Ceylon. |
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| | 1B. No suit or other proceedings shall be instituted or maintained in any court in respect of any money lent if such money was lent on or after the first dayof January, 1964, by any person carrying on the business of money lending in contravention of the provisions of subsection (1) of section 1A. '. | | |
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| (2) Where any person was, on the thirty-first day of December, 1963, carrying on the business of money lending but is prohibited from carrying on such business after that day by virtue of the operation of the Money Lending Ordinance as amended by subsection (1) of this section, then, notwithstanding anything in that Ordinance as so amended, any right, liability, action, proceeding or thing, acquired or incurred or pending by or against such person on or before that day in his capacity as such money lender may, after that day, be enforced or carried on or completed as though such person was not so prohibited from carrying on such business. |
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Sri Lanka Consolidated Acts