Regional Rural Development Banks Act (No. 15 of 1985)

Sri Lanka Consolidated Acts

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Regional Rural Development Banks Act (No. 15 of 1985) - Sect 2

Incorporation Order for establishment of a Regional Rural Development Bank

(1) Where the Monetary Board of the Central Bank (hereinafter referred to as "the Monetary Board") considers it necessary that one or more than one Regional Rural Developments Bank (hereinafter referred to as "the Bank") be established for the purpose of developing the rural economy by providing for the development of agriculture, cottage and small-scale industry, fishing industry, commerce and other development activities in rural areas, the Monetary Board may by Order (hereinafter referred to as the " Incorporation Order ") published in the Gazette-

	(a) declare that the Bank be established for the purpose of developing the rural economy by providing for the development of agriculture, cottage and small-scale industry, fishing industry, commerce and other development activities in rural areas ;

	(b) assign a corporate name to the Bank ;

	(c) state the area within which the Bank shall operate;

	(d) state the principal place of business of the Bank ;

	(e) fix a date on which the Bank shall commence business ; and

	(f) state the names of the persons appointed under section 8 as the first members of the Board of Directors of the Bank.

(2) Every 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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