44.
| (1) With the establishment of a Bank for any specified region under section 2 of this Act, any or all Regional Rural Development Bank or Banks carrying on business within such specified region in respect of which the Bank is being established, shall, before the publication of the Order referred to in section 45, request the depositors holding demand deposits in that Regional Rural Development Bank or Banks as the case may be, by registered letter sent in that behalf, to inform it or them within the time specified in such letter, whether such depositor consents to such demand deposit being converted into a saving or time deposit. |
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| (2) The Regional Rural Development Bank or Banks shall where-
| | (a) the depositor consents to the conversion or fails to express his wish within the time specified in the letter, convert such demand deposit into a saving or time deposit; or | | |
| | (b) the depositor expresses his objection to the conversion within the time specified in the letter, refund to the depositor the monies lying to the credit of such demand deposit. | | |
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Sri Lanka Consolidated Acts