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| (1) If the Board upon review of the facts and circumstances upon the Director making a report under section 18, is of the opinion that any past or present Director, chief executive, manager, employee or an agent of finance company has fraudulently, wrongfully or unlawfully enriched himself or any other person or persons by misapplication of any money or property belonging to the company, the Board may notwithstanding that action has also been taken under section 18 or 20, require such person or persona to repay or restore to the finance company the money or property attributable to the finance company, with interest at such rate as the Board may think fit within such period of time as may be specified by the Board. |
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| (2) Where any person referred to in subsection (1) above fails to restore to the finance company, the monies or properties referred to in that subsection, the Board may
| | (a) direct such person to disclose to any officer authorized by it within a specified time, the value, nature and whereabouts of any monies, properties or assets
| | | (i) owned by such person; or |
| (ii) in which such person has a beneficial interest; or |
| (iii) acquired or purchased or held or possessed, by a relative of such person or any other person, in trust for such person, or acquired or purchased with monies attributable to the assets of the finance company. |
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| | (b) require such person to furnish a sworn statement in writing enumerating all movable or immovable property owned or possessed at any time, or at such time as may be specified by the Board by such person specifying the date on which each of the properties enumerated was acquired and whether the acquisition was by way of purchase, gift, bequest, inheritance or otherwise; | | |
| | (c) require any other person to furnish a sworn statement in writing
| | | (i) enumerating all movable or immovable property owned or possessed at any time, or at such time as may be specified by the Board by such person, where the Board has reasonable grounds to believe that such information can assist an investigation into the affairs of a Finance Company; |
| (ii) containing particulars of such other matters which in the opinion of the Board are relevant to such investigations; |
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| | (d) require the manager of any bank in Sri Lanka to produce within such time as may be speeded in the notice, any book, document or cheque of the bank, containing entries relating to the account of such person or to furnish as so specified, certified copies of such entries; | | |
| | (e) require the Commissioner-General of Inland Revenue to furnish, as specified in the notice, all information available to such Commissioner-General relating to the affairs of such person and to produce or furnish as specified in the notice, any document or certified copy of any document relating to such person, which is in the possession or under the control of such Commissioner-General; | | |
| | (f) invite the public by any means whatsoever to furnish to a person authorized by it, any information referred to in paragraph (a) ; | | |
| | (g) serve a notice on any person referred to in subsection (1), or on a relative or other person holding property or assets in trust for the first mentioned person, or on any other person holding property or assets purchased with monies attributable to the funds of a finance company prohibiting the transfer by such person, relative of such person, or other person, of possession, ownership or any interest in any properties or assets specified to in that notice, and also
| | | (i) requiring such person to hand over to the Director, in the case of a motor vehicle, the certificate of Registration issued by the Registrar of Motor Vehicles; in respect of that motor vehicle; |
| (ii) in the case of immovable property the photostat copies of deeds relating to the title of such property; Every notice issued under this paragraph shall be in force for a period of ninety days; |
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| | (h) serve a copy of the notice referred to in paragraph (g) on any relevant authority including in the cash of immovable property, the Registrar of Lands, in the case of motor vehicles, the Commissioner of Motor Traffic and in the case of shares, stocks and debentures of any company, the Registrar of Companies and the Secretary of the relevant finance company; | | |
| | (i) require any authority on whom a copy of a notice referred to in paragraph (h) is served, to register such notice in the appropriate books or records in the custody of such authority; | | |
| | (j) require any authority referred to in paragraph (h) to furnish such information as he may have in his possession or custody relating to the properties, assets of any person or relative of a person, referred to in paragraph (a) ; | | |
| | (k)
| | | (i) before the expiration of the period of ninety days for which a notice served under paragraph (g)is in force, the Director may make an application by way of summary procedure to the District Court having jurisdiction in the district within which any property specified in such notice is situated, for an order authorizing the seizure and sale of such property, and for a writ of execution for seizure and sale of such property, |
| (ii) a District Court upon, application made to it under sub-paragraph (i) and being satisfied that the property referred to in the application, or any interest therein, has been acquired, whether directly or indirectly, with funds attributable in whole or in part, to a Finance Company, direct a writ of execution to issue to the Fiscal authorizing and requiring him to seize and sell such property, |
| (iii) the provisions of sections 226 to 297 of the Civil Procedure Code shall, mutatis mutandis, apply to the seizure and sale of any property under a writ of execution issued under sub-paragraph |
| (iv) any sum realized by the seizure and sale of any property under this paragraph shall, be applied by the court
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Sri Lanka Consolidated Acts