Sri Lanka Consolidated Acts

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National Development Bank Of Sri Lanka (Amendment) Act (No. 10 of 1992) - Sect 11

Amendment of section 22 of the principal enactment

11. Section 22 of the principal enactment is hereby amended as follows :"
(1) by the repeal of subsection (2) of that section and the substitution therefor of the following subsection:-
"(1) The shareholders referred to in subsection
(2) shall have power to
(a) sell all or any of their shares in the Bank;
(b) convert, with the approval of the Minister all or any of their shares in the Bank into bonds, debentures or preference shares issued by the Bank subject to such terms and conditions as may be approved by the Minister.";
(2) by the insertion immediately after subsection (2) of that section of the following new subsections :" "
(2A) The Board of Directors may, with the concurrence of the Minister cancel any promissory notes issued to the Bank by any of the shareholders referred to in paragraphs (b), (c) and (d) of subsection (1), and upon such cancellation, the issued share capital of the Bank shall be deemed to be reduced to the extent of the value of the promissory notes cancelled.
(2B) The Bank shall not allot any shares under subsection (2) of section 21 or register any shares"
(3) in subsection (4) of that section, by the substitution for the words and figures "this section or section 57.", of the words and figures " section 21 or this section." ; and
'(4) by the addition immediately after subsection (4) of that section, of the following new subsection: "
'(5) For the purpose of subsection (2E)"

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