10.
| (1) Where the Board on a report made by the Director is of the opinion that a finance company
| | (i) is following unsound or improper financial practices, detrimental to the interest of its depositors; | | |
| | (ii) is like to be carrying on its business in a manner detrimental to the interests of its depositors; | | |
| | (iii) has contravened or failed to comply with any provisions of this Act, or any direction issued thereunder, the Board may direct such Company
| | | (a) to cease following any such practice or desist from any such contravention; or |
| (b) to comply with the provisions of this Act; or |
| (c) to take necessary action to correct the conditions resulting from such practice or contravention; or |
| (d) secure the reduction of the number of shares held in the company by any person. |
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| (2) Any finance company dissatisfied with an order given under subsection (1). may, before the expiry of thirty days from the date of the issue of such order, appeal in writing to the Board and the Board shall reader its decision within fifteen days of receipt of such appeal. |
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Sri Lanka Consolidated Acts