3.
| (1) On November 3, 1970, all old currency notes shall cease to be legal tender and shall, except as otherwise expressly provided by this Act, cease to be the liability of the Central Bank, and accordingly the bearer of any such note shall not be entitled to any compensation. |
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| (2) Subject to the provisions of sub-section (4), until and including November 25, 1970, a person in possession of any old currency notes belonging to him may surrender or cause to be surrendered such notes to any scheduled bank, if but only if a written declaration, in such form as may be provided by the Central Bank made and signed by him in duplicate is presented at the time of such surrender, and such bank is hereby authorized and required to accept, as agent of the Central Bank, the notes so surrendered. |
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| (3) Where any person has surrendered old currency notes under sub-section (2) to any scheduled bank on or before November 2, 1970, such bank shall,
| | (a) if the value of the old currency notes so surrendered does not exceed one thousand rupees, pay to such person the value of the currency notes so surrendered, such payment being; made by currency notes of the same denomination of the old currency notes so surrendered as far as possible; or | | |
| | (b) if the value of the old currency notes so surrendered exceeds one thousand rupees, pay to such person a sum not exceeding one thousand rupees, such payment being made by notes of the same denominations of the old currency notes so surrendered as far as possible, and the balance value of the currency notes so surrendered shall be held in deposit to the credit of such person in that bank. | | |
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| (4) Any surrender of old currency notes by any person under sub-section (2) during the period commencing on November 3, 1970, and ending on November 25, 1970, shall
| | (a) if such person has an account with only one scheduled bank, be made to that bank; or | | |
| | (b) if such person has an account with more than one such bank, be made to only one such bank as may be determined by him. | | |
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| (5) Where any person has surrendered old currency notes to any scheduled bank in accordance with the provisions of sub-sections (2) and (4), such bank shall credit his account with an amount equal to the value of such currency notes. |
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| (6) Where any person has, during the period commencing on November 3, 1970, and ending on November 25, 1970, surrendered old currency notes under sub-section (2) to any scheduled bank in which he has no account, such bank shall hold in deposit the value of such currency notes to the credit of such person. |
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| (7) If any scheduled bank has any suspicion that old currency notes surrendered to such bank under the preceding provisions of this section do not, wholly or partly, belong to the person by or on whose behalf such surrender is made, such bank may withhold any payment which, it may be required to make under such provisions in respect of such surrender, until it is satisfied that the surrendered currency notes belong to such person. |
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Sri Lanka Consolidated Acts