18.
| (1)the authorised share capital of the Bank shall e five hundred million rupees divided into fifty million shares of ten rupees each. |
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| (2) Each of the following institutions, namely-
| | | | (c) the National Savings bank ; and | | |
| | (d) the Employees Provident Fund , | | |
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| (3) The Central Bank shall make a contribution to the intials capital of the Bank of such sum of money as may be determined by the Monetary Board with the concurrence of the Minister ,having regard to the net worth of the Vesting Bank or Banks after such net worth has been ascertained by the Monetary Board under section 47 of this Act, and-
| | (a) Where the contribution so determined in respect of a Bank is equivalent to or less than the net worth of such Vesting Bank or Banks, the net worth upto the value of the sum so determined, shall de deemed to be contribution by the Central Bank, and the difference between such net worth and the contribution deemed to be made shall be dealt with in manner provided for in section 48 ; | | |
| | (b) where the contribution so determined in respect of a Bank is more then the net worth of such Vesting Bank or Banks, such the net worth shall be deemed to be a part of the contribution of the Central Bank to the intials capital ion such Bank and the Central ankh shall contribute a further sum equivalent to the difference between such net worth and the contribution so determined for that Bank. | | |
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| (4) By virtue of the contribution made under subsection(3),Central Bank shall become a shareholder of the Bank and be allotted shares in proportion to be contribution made by it. |
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| (5)Notwithstanding the provisions of subsection (3) where a Bank is established under this Act for a specified region in which a Regional Rural Development Bank has not been established of such Bank , sum determined b y the monetary Board with the concurrence of the Minister, and shall thereby become a shareholder of such Bank and be allotted shares in such Bank in proportion to its contribution. |
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| (6)The shareholders referred to in subsection (2) may in their discretion, contribute further capital or purchase shares in the Bank , in excess of the sum determined by the Ministers a contribution to be made by such shareholders to the intials capital of that Bank. |
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Sri Lanka Consolidated Acts