20.
| (1) Subject to subsection (7) the issued capital of the Bank for the time being shall be ten million rupees. |
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| (2) The issued capital of the Bank shall be subscribed to by the Central Bank in full. |
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| (3) The Central Bank may, after a period of two years from the date of incorporation, offer shares upto forty nine per centum of the issued capital to commercial banks incorporated or established in Sri Lanka under any writ ten law and to co-operative societies. |
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| (4) The maximum shareholding held by the co-operative societies in the aggregate shall be limited to ten per centum of the issued capital of the Bank. |
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| (5) No shareholder of the Bank which is a commercial bank incorporated or established in Sri Lanka under any written law or a co-operative society shall alienate the shares owned by it in any manner whatsoever to any person other than a shareholder of the Bank, |
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| (6) Any alienation in contravention of subsection (5) shall be null and void. |
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| (7) The issued capital of the Bank may be increased by the Monetary Board and where additional capital is issued, such capital shall also be subscribed in the same manner as specified in subsections (3) and (4) of this section. |
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Sri Lanka Consolidated Acts