22.
| (1) On and after the relevant date-
| | (a) no person who is a citizen of Ceylon, | | |
| | (b) no body corporate of which any director is a citizen of Ceylon, | | |
| | (c) no firm of which any partner is a citizen of Ceylon, or | | |
| | (d) no other body of persons, by whatever name called, the affairs of which are managed by one or more persons who is a citizen of Ceylon or who are citizens of Ceylon, | | |
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shall open any account whatsoever in any bank other than in the People's Bank, the Bank of Ceylon, the Ceylon Savings Bank, the Ceylon Post Office Savings Bank or any bank registered as a society under the Co-operative Societies Ordinance:Provided that any person who is referred to in paragraph (a) or paragraph (b) or paragraph (c) or paragraph (d) shall be deemed not to have contravened the preceding provision of this subsection by reason only of the fact that,-
| (a) having had a current account on the relevant date, in any bank other than the People's Bank or the Bank of Ceylon (in this and the succeeding proviso referred to as a "foreign bank "), he opens a loan or overdraft account in such foreign bank; or |
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| (b) on the maturity of a fixed deposit held by him on the relevant date in any foreign bank, he renews such deposit after the relevant date; or |
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| (c) at any time on or after the relevant date, he places on fixed deposit with a foreign bank a sum which together with all other sums, if any, at the date of such deposit held by that bank on fixed deposit in his name does not exceed the sum, or the aggregate of all sums, which he had on fixed deposit with the same foreign bank on the relevant date: |
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| (2) Nothing in the provisions of subsection (1) shall be deemed or construed to permit any person referred to in paragraph (a) or paragraph (b) or paragraph (c) or paragraph (d) of that subsection who has already an account in the People's Bank or the Bank of Ceylon on the relevant date to increase the amount in any savings account, or deposit account from which withdrawals cannot be made on demand (other than a fixed deposit account), held in any commercial bank other than the People's Bank or the Bank of Ceylon. In this subsection the expression " commercial bank" shall have the same meaning as in section 127 of the Monetary Law Act. |
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Sri Lanka Consolidated Acts