Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsCancellation or suspension of registration
| 9. (1) The registration of a registered establishment may be suspended or cancelled by the Director on any one or more of the following grounds :- (a) failure to commence business within twelve months after registration ; (b) ceasing to carry on finance leasing business ; (c) proposing to make, or making any composition or arrangement with its creditors or going into liquidation or being wound up or otherwise dissolved : (d) carrying on its business in a manner likely to be detrimental to the interests of its lessees ; (e) inability to meet its obligations to its lessees, creditors or suppliers, as the case may be ; (f) acting in contravention of any provisions of this Act or any regulations made thereunder, or any condition imposed or any directions given by the Director under this Act or such regulation : (g) furnishing false, misleading or inaccurate information or concealing or failing to disclose material facts, in its application for registration ; or (h) where such establishment is a licensed commercial bank, licensed specialized bank or a licensed finance company, the licence issued to such establishment has been revoked by the authority issuing the same, under the Banking Act. No. 30 of 1988 or the Finance Companies Act. No. 78 of 1988. as the case may be. (2) The Director may. for one or more of the grounds specified in subsection (1)- (a) suspend the registration of a registered establishment for such period as may be specified, which shall not exceed three months, and the establishment shall not during the period of suspension enter into any finance lease ; or (b) cancel the registration of registered establishment and the establishment shall not thereafter carry on any finance leasing business except such business as it had entered into before the date on which the cancellation lakes effect, and the establishment shall for the purpose of completing such business be deemed to be a registered establishment. |