View All - 2023 Acts
Section No :  
Acts & Ordinances
Marginal Notes
1. Short title and date of operation
2. Application of the Act
3. Resolution authority of the Central Bank
4. Establishment of a department for the purpose of resolution of licensed banks
5. Exercise, performance and discharge of resolution authority by the Central Bank
6. Exclusion of the application of certain other enactments
7. Provisions of this Part of this Act to apply to a holding company, &c. of a licensed bank
8. Objectives of resolution
9. Licensed banks to prepare a recovery plan
10. Central Bank to issue directions on the preparation of recovery plans
11. Central Bank to design a resolution plan
12. Resolvability assessment
13. Conditions for resolution
14. Resolution powers of the Central Bank
15. Financial Stability Fund
16. Valuation of assets and liabilities of a licensed bank for the purpose of resolution
17. Order staying court proceedings against the licensed bank
18. Appointment of an Administrator
19. Effect of taking control by the Administrator
20. Administrator to prepare an inventory of assets and liabilities
21. Administrator to prepare a report on the viable resolution options
22. Termination of administratorship
23. Capital increase by existing shareholders
24. Recapitalization by new shareholders
25. Transfer of shares and effecting a merger
26. Transfer of selected assets and liabilities to a third party
27. Requirements to fulfill for the transfer of assets and liabilities
28. Effect of the transfer of assets and liabilities
29. Extent of the liability of the transferee in respect of foreign currency depositors
30. Establishment of a bridge bank
31. Management of the affairs of the bridge bank
32. Term of a bridge bank
33. Providing temporary financial assistance by the Government
34. Capitalization of a licensed bank having systemic impact
35. Central Bank to notify the exercising of resolution powers
36. Compensating shareholders and creditors
37. Central Bank and the Ministry to exchange informations
38. Cross-border cooperation
39. Establishment of a deposit insurance scheme
40. Administration and management of the Scheme
41. Members of the Scheme
42. Cessation of membership in the Scheme
43. Member institutions to insure deposits under the Scheme
44. Compensation to depositors
45. Subrogation of the Scheme to the rights of depositors
46. Compensation may be paid through another licensed bank
47. Notice of payment of compensation
48. Reporting by member institutions
49. Deposit Insurance Fund
50. Powers, duties and functions of the Central Bank relating to the Deposit Insurance Fund
51. Sources of funds of the Deposit Insurance Fund
52. Investment of the moneys of the Deposit Insurance Fund
53. Transfer of funds from the Central Bank to the Deposit Insurance Fund
54. Financial statements of the Deposit Insurance Fund
55. Member institutions to pay a premium to the Deposit Insurance Fund
56. Examination and supervision of member institutions
57. Application of certain provisions of the Act to non-bank financial institutions
58. Financial Sector Crisis Management Committee
59. Duties and functions of the Financial Sector Crisis Management Committee
60. The Technical Committee on Financial Sector Crisis Management
61. Secretariat of the Committees
62. Meetings of the Financial Sector Crisis Management Committee
63. Committees may invite public and private sector stakeholders to meetings
64. Confidentiality of the information of Committees
65. Provisions of this Part of this Act to prevail over any other law
66. Winding up of a licensed bank
67. Application to court for a winding up order
68. Appointment of a liquidator
69. Powers, duties and functions of the liquidator
70. Remuneration of the liquidator
71. Removal of the liquidator
72. Liquidator to prepare a winding up plan
73. Prohibition in regard to court proceedings against licensed bank subject to winding up
74. Liquidator to apply to court for an order to nullify certain acts
75. Termination of fiduciary functions
76. Termination of existing contracts
77. Finality in payment, clearing and settlement systems
78. Reports to be submitted by liquidator
79. Registration of claims
80. Admission or rejection of claims
81. Appeals against rejected claims
82. Disposal of assets, liabilities, or shares, &c in a winding up
83. Setting off and netting
84. Sale of assets in winding up
85. Priority of claims for the distribution of assets in winding up
86. Distribution schedule of payments in winding up
87. Winding up proceedings concerning a licensed bank incorporated or established outside Sri Lanka
88. Termination of winding up proceedings and revocation of licence
89. Offences by directors or officers of the licensed bank
90. Offences by body corporates
91. Penalties
92. Central Bank to issue directions on any aspects of its resolution authority
93. Interpretation
94. Protection from action
95. Provisions for appeals
96. This Act to prevail over other written laws
97. Savings
98. Sinhala text to prevail in case of inconsistency