View All - 1988 Acts Section No : Acts & Ordinances FINANCE COMPANIESMarginal Notes1. This Act may be cited as the Finance Companies Act, No. 78 of 1988.2. Registration of finance companies under this Act3. Transitional provision regarding carrying on of finance business by persons or body of persons not registered under this Act. 4. Unimpaired capital to be maintained by finance companies. 5. Conduct of business by finance companies, 6. Register of finance companies, 7. Issue of licence to finance companies. 8. Duty of finance company to notify Monetary Board of cessation of finance business. 9. Directions of the Board. 10. Procedure where Director is of opinion that finance company is following unsound practices. 11. Director or authorized officer to require production of books for examination. 12. Power of Director to examine book and accounts of finance company. 12A. Board to allow company to state imposition before taking action against it on a report made under section 12 or section 18. 13. Accounts of finance Company. 14. Balance sheet of finance company. 15. Profit and loss account. 16. Publication of balance sheet and profit and loss account of finance company. 17. Auditing of accounts, 18. Winding up. 19. Failure to furnish information an offence. 20. Board may-take over administration and management of a finance company. 21. Providing of temporary financial assistance by the Board. 22. Power of Board to vary contracts entered into by Finance Companies, the administration of which it has taken over. 23. Protection from suit. 24. Vesting of finance companies in statutory board. 25. Steps to be taken upon the Director making a report under section 18. 26. Power of Director to issue directions in respect of connected matters. 27. Insurance of deposits. 28. Application to be made to Central Bank for insurance of deposits. 29. Rules relating to deposit -insurance. 30. Non-application of provision of Act to certain institutions. 31. Transfer of dormant deposit to special account in central Bank, 32. Disqualifications for holding certain posts in finance companies. 33. Rules. 34. Directions 35. Offences. 36. Offences by body of persons. 37. Publication of persons contravening the provisions of this Act. 38. Penalties. 39. officer of Central Bank of Sri Lanka deemed to be public officers. 40. compounding of offences. 41. Cancellation of licence of finance companies. 42. Delegation. 43. Provision for appeals from certain orders. 44. protection from suit. 45. Repeal and transitional provisions. 46. Interpretation.