View All - 2023 Acts	Section No :
Acts & Ordinances BANKING (SPECIAL PROVISIONS) ACT 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