View All - 1961 Acts Section No : Acts & Ordinances PEOPLE'S BANKMarginal Notes1. This Act may be cited as the People's Bank Act, No. 29 of 1961.2. Establishment of the People's Bank. 3. Seal of the Bank. 4. Purposes of the Bank. 5. Powers of the Bank. 6. Principal place of business and branches and agencies of the Bank. 7. Management of affairs and business of the Bank. 8. Board of Directors. 9. General body of the Bank. 10. Chairman of the Board. 11. Director to disclose his interest in any loan or other accommodation to be considered by the Board. 12. Share capital of the Bank. 13. Sale of shares. 14. Liability of a shareholder. 15. Sums to be granted or lent by Government to the Bank. 16. Commencement of business by the Bank. 17. Powers of the Permanent Secretary until commencement of business by the Bank. 18. Acts commenced by the Permanent Secretary may be continued by the Board. 19. Building Fund. 20. The Bank to raise money by the issue of debentures for granting medium-term and long-term loans. 21. Government guarantee. 22. General Reserve and Special Reserve. 23. Dissolution of the Co-operative Federal Bank of Ceylon, Limited. 24. Power 'of Minister to dissolve a co-operative bank. 25. Deposit of money and obtaining of long-term or medium-term loans by co-operative societies. 26. Loans, overdrafts and other accommodation to be granted only in certain circumstances. 27. Power of the Board to inspect valuation rolls of local rating or taxing authority. 28. Registered address of borrower, &c. 29. Default of payment. 30. Certain provisions of the Agricultural and Industrial Credit Corporation Ordinance to apply in case of default of payment. Cap 402. 31. [ 68,11 of 1963.] 32. Delegation of powers and duties of the Board, 33. Accounts 34. Audit. 35. Documents to be transmitted to the Minister and the Minister of Finance to be laid before the Senate and the House of Representatives. 36. Power of certain officers of the Bank to examine the books and accounts of any co-operative society to which, and of any other person to whom, a loan has been granted by the Bank. 37. The Board's powers to recommend to the Commissioner of Co-operative Development the dissolution and liquidation of a co-operative society which, on the examination of its affairs under section 36, is found to be insolvent, &c. 38. Offences. 39. Punishment for offences. 40. Offences by body of persons. 41. Exemption from income tax and stamp duty. [ 57 (1). 18 of 1965.] 42. The Bank to be deemed to be a suitable person to manage and administer the affairs of certain co-operative societies. Cap. 124. 43. Regulations 44. This Act to have effect notwithstanding the provisions of the Co-operative Societies Ordinance, Cap. 124. 45. The provisions of the Companies Ordinance only to apply to the Bank if they are made applicable by Order of the Minister. Cap. 145. 46. Amendment of the Co-operative Societies Ordinance. 47. Repeal of Chapter 403. 48. Interpretation.