Sri Lanka Consolidated Acts

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Notional Savings Bank (Amendment) Act (No. 28 of 1995) - Sect 4

Replacement of section 5 of the principal enactment

4. Section 5 of the principal enactment is hereby repealed and the following section is substituted therefor:
5.
(1) The authorized capital of the Bank shall be ten billion rupees divided into one billion shares of ten rupees each.
(2) The issued capital of the Bank shall be as determined from time to time by the Minister in consultation with the Board, by Order published in the Gazette, so however that such issued capital shall not be an amount less than one billion and two hundred million rupees divided into one hundred and twenty million shares of ten rupees each.
(3) All shares of the Bank shall be issued in the name of the Secretary to the Treasury in his official capacity and who shall not dispose of those shares in any manner what so ever. ".

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