Section No :  
Legislative Enactments
BANKING
Marginal Notes
1. Short title and date of operation.
2. Licensing of banks.[ 3,33 of 1995]
3. Application for a licence.[ 4,33 of 1995] [3, 2 of 2005]
4. Companies and bodies corporate incorporated outside Sri Lanka to remit currency to Sri Lanka.[ 5,33 of 1995]
5. Issue of licence. [4, 2 of 2005]
6. Limits imposed on all licensed commercial banks.
7. Bank of Ceylon. People's Bank c not to be restricted by preceding provisions in the exercise of powers.
8. Payment at licence fee.
9. Notice of cancellation of licence issued to a licensed commercial bank. [5, 2 of 2005]
10. Directions of Board where notice cancellation is issued.
11. Commercial bank to suspend business. [6, 2 of 2005]
11A. " Section 30 of the Monetary Law Act to be applicable.[ 8,33 of 1995]
12. Approval of the Monetary Board necessary prior to carrying on certain transactions &c.
13. Withdrawal of variation of approval under section 12.
13A. Mobile banking units.[ 9,33 of 1995]
14. Compliance of persons and banks suspected of carrying on banking business.
14A. Memorandum and Articles to be altered With approval.[ 10,33 of 1995]
15. provisions of this Part not to apply to the Monetary Board or Central Bank.
16. Restriction on use of certain names and descriptions. [ 11,33 of 1995]
17. Licensed commercial bank not to have as its subsidiary a company which is not a licensed commercial bank.[ 12,33 of 1995]
17A. Purchase of shares fifty percent or less by a licensed commercial bank.[ 13,33 of 1995]
18. Compliance with provisions of this Part essential.
19. Capital. [ 14,33 of 1995] [ 2,15 of 2006]
20. Reserve fund.
21. Liquid Assets.
22. Payment of dividends.
23. Licence to engage in off-shore banking. [12, 2 of 2005]
24. Parts III, V, and VI not to apply to off-shore banking in certain circumstances.[ 15,33 of 1995]
25. Nature of business an off-shore unit is authorized to carry on.
26. Monetary Board to authorize off-shore banking. [ 16,33 of 1995]
27. Off-shore unit to prepare balance sheet and profit and loss account.
28. Monetary Board to specify form of balance sheet and profit and loss account.
29. Parts III, VI, VII of Chapter V of the Monetary Law Act not to apply in certain circumstances.[ 17,33 of 1995]
30. Preparation of Annual Report.
31. Monetary Board to cause examination consequent to auditor's report.
32. Maintenance of books accounts, &c
33. Powers of the Director of bank Supervision over off- shore unit.
34. Power of Monetary Board to call for information.
34B. Secrecy. [ 18,33 of 1995]
35. Preparation of balance sheet and profit and loss account.
36. Balance sheet.
37. Profit and loss account.
38. Publications of balance sheet and profit and loss account. [20, 33 of 1995] [15, 2 of 2005]
38A. Director of Bank Supervision to issue list of qualified auditors.[ 21,33 of 1995]
39. Appointment of auditor. [ 22,33 of 1995]
40. Consequences of failure to submit audit report &c.
41. Monetary Board to cause examination of a licensed commercial bank or any of it. subsidiaries.
42. Disqualification for appointment, election &c,. as director.[23, 33 of 1995] [16, 2 of 2005]
43. Secretary of a licensed commercial bank.[ 24,33 of 1995]
44. Disqualification for being appointed as Manager or Secretary of a Licensed commercial bank.
44A. Chief Executive Officers and executive officers. [17, 2 of 2005]
45. Power of the Director of Bank Supervision.[18, 2 of 2005]
46. Monetary Board to give directions to licensed commercial banks.[25, 33 of 1995] [19, 2 of 2005] [3, 15 of 2006]
46A. Imposition of general and specific provisions requirements for bad and doubtful debts.[ 26,33 of 1995]
47. Conditions for the grant of a loan by way of accommodation. [ 27,33 of 1995]
48. Licensed commercial bank not to engage in buying selling, &c.
48A. Purchase and acquisition of immovable property.[ 28,33 of 1995]
49. Prohibition in the sale, transfer, &c. of immovable assets. [21, 2 of 2005]
49A. In case of insolvency to inform Director of Bank supervision.[ 29,33 of 1995]
49B. Order vesting banking business of any licensed Bank. [ 30,33 of 1995]
49C. Order to made after the acquiring bank agrees to comply with terms and conditions. [ 30,33 of 1995]
49D. Effect of an Order. [ 30,33 of 1995]
49E. The extent of the liability of the acquiring banking respect of foreign currency depositors. [ 30,33 of 1995]
49F. Audit of accounts and valuation of vested business. [ 30,33 of 1995]
49G. Saving Provision. [ 30,33 of 1995]
49H. Payment of compensation. [ 30,33 of 1995]
49J. Offences. [ 30,33 of 1995]
49K. Section 12(c) not be apply to respect of defaulting bank. [ 30,33 of 1995]
49L. Interpretation. [ 30,33 of 1995]
50. Liquidator.
51. Liquidation.
52. Licensed commercial bank to cease to carry on business.
53. Notice of liquidation to be sent to depositors, creditors &c.
54. Safeguard rights of depositors and creditors.
55. Licensed commercial bank removed from list of licensed commercial banks.
56. Compulsory liquidation.
57. Director to take charge of all books records and assets.
58. Director of Bank Supervision to have full management and control for the purpose of liquidation. [22, 2 of 2005]
59. Claims &c. to be extended where liquidation proceedings have been instituted.
60. Power at Director of Bank Supervision to terminate contracts &c.
61. Termination of fiduciary functions.
62. Director of Bank Supervision to issue statement to depositors.
63. Safe deposit boxes.
64. Functions of Director of Bank Supervision in relation to liquidation proceedings of a licensed commercial bank.
65. Objection to Schedule.
66. Priority of claims.
67. Distribution of assets.
68. Unclaimed funds.
69. Audited account to be submitted to Court.
70. Closure of licensed commercial banks incorporated outside Sri Lanka.
71. This Part to prevail over any other law.
72. Abandoned property.
73. Abandoned property to be transferred to a special account.
74. Publication of notice regarding abandoned property.
75. Repayment by the Central Bank.
76. Failure to deliver property presumed to be abandoned to be an offence.
76A. Licensing of certain institutions.[ 31,33 of 1995]
76B. Application for licence.[ 31,33 of 1995] [25, 2 of 2005]
76C. Issue of licence.[ 31,33 of 1995] [26, 2 of 2005]
76D. Forms of business to be carried on by a licensed specialized bank and payment of annual licence fee. [ 31,33 of 1995] [27, 2 of 2005]
76E. Register of Specialised banks.[ 31,33 of 1995]
76F. Cancellation of licence of a licenced specialised bank.[ 31,33 of 1995] [28, 2 of 2005]
76G. Equity capital to be maintained by a licensed specialized bank.[ 31,33 of 1995] [ 4,15 of 2006]
76H. Part V and Part VI to apply to a licenced specialised bank.[ 31,33 of 1995] [29, 2 of 2005]
76J. Directions of the Monetary Board.[ 31,33 of 1995] [ 6,15 of 2005]
76K. Procedure where licensed specialized banks follow unsafe practices.[ 31,33 of 1995] [31, 2 of 2005]
76L. Power of Director of Bank Supervision to examine books and accounts of licensed specialized bank. [ 31,33 of 1995]
76M. Winding up or dissolution.[ 31,33 of 1995]
76N. Power of Director of Bank Supervision to issue directions in respect of connected matters. [ 31,33 of 1995]
77. Declaration of secrecy. [34, 2 of 2005]
78. Protection for action this Act or on the directions of the Monetary Board. [ 33,33 of 1995] [35, 2 of 2005]
79. Offences. [36, 2 of 2005]
79A. Compounding of offences.[ 34,33 of 1995] [37, 2 of 2005]
80. Persona who fail to take reasonable steps c. under the Act to be guilty of an offence. [ 35,33 of 1995]
81. Offence by a body corporate.
81A. Schedules II and IV to be amended by resolution.[ 36,33 of 1995]
82. Regulations.
82A. This Act to prevail over other laws.[ 37,33 of 1995]
83. Licensed Commercial bank deemed to be an approved credit agency.
83A. Pawn Brokers Ordinance not to apply.[ 38,33 of 1995]
83B. Commercial bank deemed to be an exempted company.[ 38,33 of 1995]
83c. Prohibition on conduct of certain Schemes. [38, 2 of 2005]
84. Amendment to the Monetary Law Act (Cap.422).
85. Amendment to the Companies Act, No.17 of 1982.
86. Interpretation.[ 39,33 of 1995] [40, 2 of 2005]