46. in this Act unless the context otherwise requires " Board" means the Monetary Board of the. Central Bank of Sri Lanka established under the Monetary Law Act, (Chapter 422) ; " Capital" means the paid up capital of any company; " capital funds " in relation to a finance company means paid up capital and permanent free reserves and includes, if so determined by the Board, the face value of unsecured debentures and other loan bonds, which in the event of the winding up of a finance company or the return or reduction of capital shall rank after and be subordinated to deposits and other borrowings of the finance company; " commercial bank " has the same meaning as in the Monetary Law Act, (Chapter 422) ; "Director" means the head of the department of the Central Bank of Sri Lanka to which the subject of finance companies has been assigned ; " finance business " means the business of acceptance of money by way of deposit the payment of interest thereon and
(a) the lending of money on interest ; or |
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(b) the investment of money in any manner whatsoever ; or |
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(c) the lending of money on interest and the in vestment of money in any manner whatsoever; |
| " finance company " means a company as defined in the Companies Act, No. 17 of 1982 registered under this Act for carrying on finance business ; " hire purchase agreement" means an agreement far the letting of goods with an option to purchase (whether the agreement describes the weekly fortnightly or monthly payments as rentals installments, hire or otherwise) but does not include any agreement whereby property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods ; " hirer" means a person to whom the goods are let, hired or agreed to be sold under a hire purchase agreement and includes a person to whom the rights or liabilities of the hirer under such agreement have passed by assignment or by operation of law; "holding company" and "Subsidiary Company" have the respective meanings assigned to them in section ISO of the Companies Act, No. 17 of 1982; " liquid assets" means-
(b) balances in a current or deposit account in a commercial bank, fee from any banker lien. or charge ; |
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(c) Sri Lanka Government Treasury Bills tree from any charge or lien ; |
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(d) Sri Lanka Government Securities maturing within one year acid free from any charge or lien ; |
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(e) Central Bank of Sri Lanka securities maturing within one year and free from any charge or lien ; |
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(f) cash balance if any maintained with the Central Bank of Sri Lanka ; |
| "loan" includes any advance or the deferment of payment on any sale or the deferment or payment to a transaction relating to hire purchase agreement or the payment agreements in any leasing transaction ; " prescribed " means prescribed by rules made under this Act ; " relative " in relation to an individual means the spouse or dependent child of such individual ; "substantial interest"
(i) in relation to a company means the holding of a beneficial interest by another company or an individual or his relative whether singly or taken together, in the shares thereof the paid up value of which exceeds one million rupees or ten per centum of the paid up capital of the company, whichever is less or the existence of guarantee or indemnity given by an individual or his relative or by another company on behalf of such company; |
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(ii) in relation to a firm means the holding of a beneficial interest in the capital thereof by an individual or his relative which singly or take together represents more than ten per centum of the total capital subscribed by all partners of that firm or the existence of a guarantee or indemnity given by an Individual or his or her spouse or parent or child on behalf of such firm and ; |
| "unimpaired capital" means capital on which there is no lien or other charge. |