11. Section 31 of the principal enactment is hereby repeated and the following section substituted therefor :-
| 31. Where an order is made by the Monetary Board under section 30 requiring the winding up of a banking institution-
| | (a) in the case of a commercial bank, the Monetary Board shall cancel the licence issued to it under the Banking Act and the provisions of part VIII of that Act shall apply as if it were a compulsory winding up of the bank. In the case of a bank incorporated or established within Sri Lanka or a compulsory winding up of the affairs or closure of the business of the bank, in the case of a bank incorporated outside Sri Lanka: | | |
| | (b) in the case of any other banking institution not being a licensed specialised bank to which subsection (10) of section 30 is applicable, the Director of Bank Supervision shall nominated a person to be the liquidator for the purpose of winding up and subject to such nomination, such institution shall be wound up in accordance with the law applicable to such institution,". | | |
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Sri Lanka Consolidated Acts