21.Section 31 B of the principal enactment is hereby of repealed and the following section substituted therefor :-
| 31 A. (1) No licence shall be granted under this Part for the operation of a unit trust, unless- |
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| (a) the trustee has been approved by the Commission; and |
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| (b) the managing company complies with the terms and conditions set out in Part IV of the Schedule hereto. |
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| (2) Notwithstanding the provisions of paragraph (a) of subsection (1), where the trustee approved by the Commission is replaced by the appointment of a new trustee after the issue of a licence, such licence shall be deemed to be valid and continue in force until the new trustee is approved by the Commission,". |
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Sri Lanka Consolidated Acts