Section No :  
Legislative Enactments
Marginal Notes
1. This Act may be cited as the Regional Development Banks Act, No. 6 of 1997.
2. Incorporation Order for establishment of a Development Bank for a specified region.
3. Principal place of business, branches and agencies of the Bank.
4. Object of the Bank.
5. Powers of the Bank.
6. Board of Directors.
7. Constitution of the Board.
8. Nominated Directors.
9. Elected directors. Holders.
10. The First Board of Directors.
11. Chairman of the Board.
12. Remuneration of Directors.
13. Director to disclose interest in contract proposed to be made by the Bank.
14. Meetings of the Board, quorumand regulation of procedure.
15. Acts of the Board not to be invalid by reason of any vacancy.
16. Delegation of powers and duties of the Board.
18.. Authorised capital and contributions to the initial capital.
19. Bank to offer shares to others.
20. Transfer of shares by shareholders of the Bank.
21. Borrowings from the Government.
22. Borrowings from foreign Governments,&c.
23. General Reserve Fund.
24. Special Reserve Fund.
25. Development Fund.
26. Payments of dividends.
27. Exemption of Bank from income tax.
28. Security on which loans may be granted by the Bank.
29. General Manager.
30. Staff of the Bank.
31. Financial year and Annual General Meeting.
32. Board to keep proper books of accounts and prepare balance sheet and profit and loss account.
33. Appointment of qualified auditor.
34. Duties and functions of the auditor.
35. Documents to be transmitted to the Minister to be laid before Parliament.
36. Rules to be made inrespect of maintaining accounts.
37. Certain written laws not to apply to the Bank.
38. The Bank deemed to be an approved credit agency.
39. Exemption from stamp duty.
40. Indemnity of directors, &c.
41. Declaration of secrecy.
42. Rules.
44. Conversion of demand deposits into saving or time deposits.
45. Vesting of business of Regional Rural Development Banks in a Bank.
46. Effect of the Vesting order.
47. Audit of accounts; and valuation of vested business.
48. Debentures to be issued to the Monetary Board to the value of excess net worth.
49. Saving provision.
50. Payment of compensation.
51. Sinhala text to prevail in case of inconsistency.
52. Interpretation.