Sri Lanka Consolidated Acts

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Monetary Law (Amendment) (No. 18 of 1965) - Sect 2

Insertion of new section 5A in Chapter 422 . [ 56 (2), 18 of 1965.]

2. The Monetary Law Act, hereinafter referred to as the " principal Act", is hereby amended by the insertion, immediately after section 5, of the following new section : -
5A.
(1) For the purposes of section 69A of the Inland Revenue Act, No. 4 of 1963, the Central Bank may open, maintain and manage special deposit accounts.
(2) Where an institution is approved by the Minister of Finance by Order made under paragraph (b) of subsection (2) of section 69A of the Inland Revenue Act, the Monetary Board may determine the terms and conditions subject to which that institution may open, maintain and manage special deposit accounts for the purposes of that section. ".

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