45.
| (1) On the establishment of a Bank for any specified region by an Incorporation Order under section 2 of this Act, (hereinafter referred to as "acquiring bank") the Monetary Board shall, notwithstanding the provisions of any other law to the contrary within a reasonable time but prior to commencement of business by the acquiring bank, by Order published in the Gazette (hereinafter referred to as "Vesting Order") vest in the acquiring bank the business carried on by Conversion of demand deposits into saving or time deposits. |
|
| (2) For the purpose of subsection (1), the "business carried on by any or all Vesting Bank or Banks", includes-
| | (a) all immovable and movable property owned by the Vesting Bank or Banks on, the day preceding to the date of the Vesting Order (including cash balances, reserve funds, investments and deposits); | | |
| | (b) all rights, powers, privileges, authorities and interests arising in, or out of, any property, movable or immovable owned by the Vesting Bank or Banks and any leasehold rights in any immovable property enjoyed by such Vesting Bank or Banks on the day preceding the date of the Vesting Order ; | | |
| | (c) all the liabilities of the Vesting Bank or Banks and subsisting on the day preceding the date of the Vesting Order; and | | |
| | (d) all books, accounts and documents relating or appertaining, to the business of such Vesting Bank or Banks. | | |
|
|
|
Sri Lanka Consolidated Acts