5. The Bank shall be deemed not to have been authorized to carry on the several kinds of business hereafter specified during the period which commenced on the relevant date and ended on the day immediately prior to the date of commencement of this Act except under and in accordance with any general or special directions issued in that behalf by the Secretary to the Treasury, and accordingly any such business so transacted by such Bank in contravention of the preceding provisions of this section shall be deemed to have been, and to be, null and void: -
| (a) to negotiate loans and advances; |
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| (b) to borrow or raise money; |
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| (c) to acquire any other business; |
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| (d) to enter into any arrangement for sharing profits, union of interest, co-operation, joint adventure, reciprocal concession, or otherwise with any other person; and |
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| (e) to sell or dispose of the entire undertaking of the Bank or any part thereof. |
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Sri Lanka Consolidated Acts