2.
| (1) Where the Minister, on the recommendation of Monetary Board of the Central Bank (hereinafter referred to as "the Monetary Board") decides that it is necessary that a Development Bank (hereinafter referred to as "the Bank") be established for a specified region for the purpose of developing the economy of such region by providing for the development of agriculture, industry, trade, commerce and other development activities, within that region, the Monetary Board shall by Order (hereinafter referred to as the "Incorporation Order") published in the Gazette-
| | (a) declare that a Bank be established for the region specified in paragraph (c), for the purpose of developing the economy of that region by providing for the development of agriculture, industry, commerce and other development activities in that region ; | | |
| | (b) assign a corporate name to the Bank ; | | |
| | (c) specify the region within which the Bank shall operate ; | | |
| | (d) specify the principal place of business of the Bank ; and | | |
| | (e) fix a date on which the Bank shall commence business. | | |
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| (2) The Bank shall, by the name assigned to it by the Incorporation Order, be a body corporate and shall have perpetual succession and a common seal, and may sue and be sued in such name. |
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Sri Lanka Consolidated Acts