Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsEffect of carrying on finance leasing business without registration
| 32. (1) The Director or any officer authorised by The Director may require by notice issued in that behalf to any person whom the Director has reason to believe is carrying on finance leasing business without obtaining a registration under this Act. to furnish such information including the production of any documents as the Director may consider necessary, in order to ascertain such fact. (2) Where the Director or the officer authorised, after considering the information furnished and inspecting any documents furnished under subsection (1), is satisfied that the person concerned is carrying on finance leasing business without being registered under this Act. the Director shall by written notice issued in that behalf, require that person to immediately cease carrying on such finance leasing business. (3) Where a person to whom a notice is issued under subsection (2) fails to comply with the requirements of the notice within the time specified therein, the Director may take necessary measures to (a) prosecute such person for an offence under this Act: and (b) apply to the High Court of the Province in which such person is carrying on finance leasing business to obtain an order for an injunction restraining such person from continuing to carry on finance leasing business, until a valid registration is obtained For that purpose under this Act. (4) Every such application shall be made by petition in writing addressed to such High Court and shall be heard and determined in accordance with the procedure laid down in Chapter XXIV of the Civil Procedure Code. (5) The High Court of the Province shall after consideration of an application made under subsection (3) and where it is satisfied that the person concerned is carrying on finance leasing business without being registered under this Act. issue an injunction restraining such person from continuing to carry on such business until a valid registration is obtained by him under this Act for that purpose. |