8. Section 30 of the principal enactment is hereby amended as follows:
| (1) in subsection (3) thereof-
| | (a) by the substitution for the words" expiration of a period of thirty days ", of the words "expiration of a period of six months"; | | |
| | (b) in paragraph (b) thereof, by the substitution for the words" of the institution ", of the words" of the. institution; or "; and | | |
| | (c) by the addition immediately after paragraph (b) thereof, of the following new paragraph:
| | | "(c) to cause the Director of Bank supervision to make application to the competent court, to windup the affairs of a branch of an institution, incorporated outside Sri Lanka. " ; and |
|
|
|
| (2) by the repeal of subsection (9) thereof, and the substitution therefor, of the following subsection:
| | " (9) Where the business of a banking institution has been suspended under subsection (1), the Director of Bank Supervision may-
| | | (a) require such banking institution to forthwith take any action or to do any act or thing which the Monetary Board may consider necessary for carrying on of the business of such bank ; |
| (b) appoint a fit and proper person to advise such banking institution with regard to the proper conduct of the business of such banking institution; |
| (c) assume control of, and carryon the business of such banking institution or delegate to another person, the carrying on of business of the banking institution; |
| (d) reorganize, such banking institution by increasing its' capital and arranging for new shareholders and by the reconstitution of its' board of directors; and |
| (e) make such arrangements as are necessary for the amalgamation of such banking institution with any other banking institution, that consents to such amalgamation. ". |
|
|
|
|
Sri Lanka Consolidated Acts