3.
| (1) Notwithstanding the provisions of section 2. a company or a person or a body of persons carrying on finance business on the day preceding the date of commencement of this Act
| | (a) may continue to carry on such business for a period of two years from the date of commencement of this Act, notwithstanding the fact that it is not registered under section. 2 ; | | |
| | (b) shall take such steps as may be necessary to comply with the provisions of section 2(1) and to divest itself of any of the activities carried on in contravention of any direction issued under paragraph. (c) of subsection (1) of section 9 of this Act, with in a period of two years from the date of commencement of this Act, or four months from the date of issue of such direction, whichever is later, | | |
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| (2) Every company or person or body of persons referred to in subsection (1) shall, on compliance with the provisions of paragraph (b) of subsection (1) submit to the Monetary Board evidence in proof of such compliance. A company or body of persons complying with such provisions to the satisfaction of the Board, may apply for registration under section 2. |
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| (3) Where a company or a person or a body of persons carries on finance business under subsection (1), the provisions of this Act shall in so far as they are applicable and subject to the other provisions of this Act, apply to such, company or person or a body of persons. |
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Sri Lanka Consolidated Acts