28.
| (1) Where a scheme for the insurance of deposits has been established by the Central Bank under paragraph (a) of section 27 every finance company registered under this Act shall, apply to the Central Bank to insure the deposits held by such company under the scheme. |
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| (2) The Central Bank of Sri Lanka may in its discretion, accept or reject any application made under subsection (i) and where it accepts such, application, require the applicant finance company to pay such, premium to the Central Bank of Sri Lanka on the insurance as may be determined by the Board from time to time having regard to the risks involved. |
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| (3) The premium shall be payable for such periods, at such times and in such manner as may be determined by the Monetary Board. |
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| (4) If an insured finance company makes, any default in the payment of any premium, it shall, for the period of such default, be liable to pay to the Central Bank of Sri Lanka interest on the amount of such premium at such, rate as may be determined by the Board having regard to the losses likely to be incurred by the Board, by reason of such default. |
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Sri Lanka Consolidated Acts