3. The following new sections are hereby inserted immediately after section 1, and shall have effect as section 1A and section 1B, of the principal enactment: -
| 1A.
| | (1) On or after the first day of January, 1964, no person shall carry on the business of money lending if such person-
| | | (a) is an individual who is not a citizen of Ceylon ; or |
| (b) is a foreign company ; or |
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| | (2) Any person who contravenes the provisions of subsection (1) shall be guilty of an offence and shall, on conviction after summary trial before a Magistrate, be liable to a fine not exceeding one thousand rupees or to imprisonment of either description for a term not exceeding six months, or to both such fine and imprisonment. | | |
| | (3) In any prosecution of any person for an offence under this section, the burden of proving that such person is a citizen of Ceylon, or is not a foreign company or foreign firm, shall lie on such person. | | |
| | (4) In this section-
| | | (a) " citizen of Ceylon" means any individual who is a citizen of Ceylon under any law for the time being in force relating to such citizenship ; Cap. 145. * Cap. 422. |
| (b) " foreign company" means a company to which Part XI of the Companies Ordinance applies, other than any commercial bank within the meaning of the Monetary Law Act or any life insurance company ; and |
| (c) "foreign firm" means a firm-
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| 1B. No suit or other proceedings shall be instituted or maintained in any court in respect of any money lent if such money was lent on or after the first day of January, 1964, by any person carrying on the business of money lending in contravention of the provisions of subsection (1) of section 1A.'. |
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Sri Lanka Consolidated Acts