13. The following new sections are hereby inserted immediately after section 121, and shall have effect as sections 121a and 121b, respectively, of the principal enactment: -
| 121A. No institution shall, except with the written approval of the Monetary Board, be established or maintained by or under a name which contains the word " bank ", or the word " banker ", or the word banking ", unless it is a banking institution within the meaning of this Act. |
|
| 121B. Except with the prior approval in writing of the Minister in. charge of the subject of Finance-
| | (1) no commercial bank shall be established in Sri Lanka; | | |
| | (2) no commercial bank shall open any branch, agency or office thereof, in, any part of Sri Lanka; and | | |
| | (3) no commercial bank shall acquire the business of another commercial bank or of any branch of another commercial bank.'. | | |
|
|
|
Sri Lanka Consolidated Acts