Section No : 1980 Revised version PEOPLE'S BANKMarginal Notes1. This Act may be cited as the People's Bank Act.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. [ 2, 61 of 1980.] 9. General body of the Bank. 10. The Chairman of the Board. [ 3, Law 25 of 1978.] 11. Director to disclose his interest in any loan or other accommodation to be considered by the Board. 12. Capital. [ 3, 61 of 1980.] 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 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, amp c. 29. Default of payment. 30. Certain provisions of Agricultural and Industrial Credit Corporation Ordinance* to apply in case of default of payment. 32. Delegation of powers and duties of the board. 33. Accounts. 34. Audit. 35. Documents to be transmitted to the Minister and the Minister in charge of the subject of Finance to be laid before Parliament. 36. Power of certain officers of the Bank to examine the books and accounts of any cooperative 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 Cooperative 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, amp;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. 42A. Minister to give directions. [4, 61 of 1980] 43. Regulations. 44. This Act to have effect notwithstanding the provisions of the Co-operative Societies Law. 45. The provisions of the Companies Ordinance* only to apply to the Bank if they are made applicable by Order of the Minister. 48. Interpretation.