Sri Lanka Consolidated Acts

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People's Bank Act (No. 29 of 1961) - Sect 25

Deposit of money and obtaining of long-term or medium-term loans by co-operative societies

25. After the commencement of business by the Bank-
(a) no co-operative society shall, unless exempted in writing by the Commissioner of Co-operative Development, deposit its funds in, or maintain any current or deposit account with, any commercial bank other than the Bank, and
(b) no co-operative society shall, except with the written approval of the Commissioner of Co-operative Development, obtain a medium-term or long-term loan from any commercial bank other than the Bank.

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