7. The following new sections are hereby inserted immediately after section 32, and shall have effect as sections 32a, 82b, 82c, 82d and 32e of the principal enactment: -
| 32A. The Central Bank may establish, maintain, manage and control, as determined by the Monetary Board from time to time, a scheme for the insurance of deposits held by banking institutions and societies registered under the Co-operative Societies Law, |
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| 32B.
| | (1) Any banking institution, or any society registered under the Co operative Societies Law and carrying on banking business of any kind, may, as prescribed, apply to the Central Bank to insure deposits held by such institution or society. | | |
| | (2) The Central Bank may, in its discretion, accept any application made under subsection (1). | | |
| | (3) Every banking institution or society, whose application has been accepted under subsection (2), is hereafter in this Part of this Act referred to as " insured bank " or " insured society", as the case may be. | | |
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| 32C.
| | (1) Every Insured bank or insured society shall be liable to pay a premium to the Central Bank on its deposits on such basis as may be determined by the Monetary Board from time to time, with the approval of the Minister:
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| | (2) The premium shall be payable for such periods, at such times and in such manner as may be determined by the Monetary Board. | | |
| | (3) If an insured bank or insured society makes any default in the payment of any premium, it shall, for the period of such default, be liable to pay to the Central Bank, interest on the amount of such premium at such rate as may be determined by the Monetary Board. | | |
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| 32D.
| | (1) The Director of Bank Supervision may., at his discretion, examine, or cause an examiner of his department to examine, the books and accounts of any Insured bank or Insured society. | | |
| | (2) The provisions of subsections (4) and (5) of section 29, section 30, section 31 and section 32 of this Act shall, mutatis mutandis, apply to insured banks and insured societies. | | |
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| 32E. Regulations may be made by the Monetary Board in respect of-
| | (a) the periods for which, the times at which and the manner in which premiums will be calculated and may be paid by an insured bank or an insured society; | | |
| | (b) the interest which may be charged from an insured bank or an insured society where it makes default in the payment of premiums; | | |
| | (c) any matter that is stated or is required to be prescribed or in respect of which a regulation is authorized to be made under this Part of this Act; and | | |
| | (d) any other matter affecting, connected with, or incidental to, the exercise, discharge, or performance of the powers, functions and duties of the Central Bank under this Part of this Act.'. | | |
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Sri Lanka Consolidated Acts