Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Finance Companies Act (No. 78 of 1988) - Sect 23

Power of Board to vary contracts entered into by Finance Companies, the administration of which it has taken over

22. Notwithstanding the provisions of this Act or any other law, the Board may-
(a) review any contract entered into by a depositor with a finance company the management and administration of which is taken over by the Board, and may vary the terms of such contract, including the terms relating to repayment, interest rates and charges where it considers that such contract has been entered into without due regard to the interests of depositors or creditors or due regard to prudent commercial practice;
(b) review any agreement or contract entered into by a finance company the management and administration of which is taken over by the Board, with any person or body of persons and if upon such review, it appears to the Board that the agreement or contract has been entered into without due regard to the interest of the depositors and creditors or without due regard to prudent commercial practice, vary the terms of such agreement or contract.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]