Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsBoard to allow company to state imposition before taking action against it on a report made under section 12 or section 18
| 12A Where the Board proposes to take action against a finance company based upon a report made under section 12 or section 18, it shall furnish to such company a copy of such report, excluding the part containing the recommendations made by the Director and allow the company a period of at least seven days to state to the Board, its position in regard to such report. Nothing in this subsection shall be deemed to prohibit the Monetary Board from taking action on the report without allowing the company to state its position in regard to such report where the Board is of the view that it is necessary to take immediate action, in the Interest of depositors and the finance company. |