Sri Lanka Consolidated Acts

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People's Bank Act (No. 29 of 1961) - Sect 42

The Bank to be deemed to be a suitable person to manage and administer the affairs of certain co-operative societies. Cap. 124

42. Where the Bank grants any loan, overdraft or other accommodation to a co-operative society and thereafter the committee of that co-operative society is dissolved under section 43 of the Co-operative Societies Ordinance, the Bank shall be deemed-
(a) for the purposes of subsection (1) of that section, to be a suitable person, and
(b) for the purposes of subsection (3) of that section, to be a fit and proper person,
to manage and administer the affairs of that co-operative society.

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