View All - 1993 Acts Section No : Acts & Ordinances GEM TRADING BANKMarginal Notes1. This Act may be cited as the Gem Trading Bank Act, No. 51 of 1993, and shall come into operation on such date (hereinafter referred to as the "appointed date") as the Minister may appoint by Order published in the Gazette.2. Establishment of the Gem Trading Bank. 3. Bank to be a body corporate. 4. Head office and branch offices of the Bank. 5. Board of Directors. 6. Functions of the Bank. 7. Powers and duties of the Bank.8. Capital of the Bank. 9. Issue of shares.10. Liability of shareholders. 11. Funds of the Bank. 12. General borrowing powers of the Bank. 13. Borrowing from the Government. 14. Gem Reserve. 15. Gem Reserve Fund. 16. Panel of valuer. 17. Financial year of the Bank. 18. Audit. 19. Documents to be transmitted to the Minister to be laid before Parliament. 20. Investment of moneys of the Bank. 21. Declaration of secrecy. 22. Protection for action taken under this Act or on the direction of the Board. 23. Certain written law not to apply to the Bank. 24. Special provisions relating to the shareholders. 25. The Bank deemed to be a credit institution. 26. No writ to issue against person or property of a director of the Bank. 27. Powers of the Board to make rules. 28. Offences and penalties. 29. Bank deemed to be a licensed commercial bank. 30. Monetary Board to give directions. 31. Officers and servants of the Bank to be deemed public servants. 32. Persons authorized to act on behalf of the bank. 33. Exempt from stamp duty. 34. Exemption from certain taxes. 35. Interpretation. 36. Sinhala text to prevail in case of inconsistency.