Section No :

Legislative Enactments BANKING Marginal Notes 1. Short title and date of operation. 2. Licensing of banks.[ 3,33 of 1995] [2, 24 of 2024] 2A. Eligibility criteria to apply for a licence [3, 24 of 2024] 3. Application for a licence.[ 4,33 of 1995] [3, 2 of 2005] [4, 24 of 2024] 4. Companies and bodies corporate incorporated outside Sri Lanka to remit currency to Sri Lanka.[ 5,33 of 1995] [5, 24 of 2024] 5. Issue of licence. [4, 2 of 2005] [6, 24 of 2024] 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. [7, 24 of 2024] 9. Notice of cancellation of licence issued to a licensed commercial bank. [5, 2 of 2005] [8, 24 of 2024] 10. Directions of Board where notice cancellation is issued. 11. Commercial bank to suspend business. [6, 2 of 2005] [9, 24 of 2024] 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. [10, 24 of 2024] 13. Withdrawal of variation of approval under section 12. [11, 24 of 2024] 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] 12, 24 of 2024] 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] [13, 24 of 2024] 20. Reserve fund. 21. Liquid Assets. [14, 24 of 2024] 22. Payment of dividends. [15, 24 of 2024] 22A. Central Bank to designate foreign currency to be used in offshore banking business [16, 24 of 2024] 23. [17, 24 of 2024] 34B. Secrecy. [ 18,33 of 1995] 35. Preparation of financial statements by licensed commercial banks [18, 24 of 2024] 36. [19, 24 of 2024] 37. [20, 24 of 2024] 38. Publication of financial statements by licensed commercial banks [20, 33 of 1995] [15, 2 of 2005] [21, 24 of 2024] 38A. Director of Bank Supervision to issue list of qualified auditors.[ 21,33 of 1995] 39. Appointment of auditor. [ 22,33 of 1995] [22, 24 of 2024] 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. [23, 24 of 2024] 42. Disqualification for appointment, election &c,. as director.[23, 33 of 1995] [16, 2 of 2005] [24, 24 of 2024] 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] [25, 24 of 2024] 44B. Disqualification of a director, the chief executive officer or an officer performing executive functions of a licensed commercial bank who previously held such positions in such bank [26, 24 of 2024] 44C. This Part of this Act to prevail in case of inconsistency[26, 24 of 2024] 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] [27, 24 of 2024] 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] [28, 24 of 2024] 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. [29, 24 of 2024] 50. [30, 24 of 2024] 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. Distribution of the outstanding assets among the owners of the licensed commercial bank [31, 24 of 2024] 56. Cancellation of the licence issued to a licensed commercial bank and to remove the name from the list [32, 24 of 2024] 57. [33, 24 of 2024] 70. Closure of licensed commercial banks incorporated outside Sri Lanka. [34, 24 of 2024] 71. This Part to prevail over any other law. 72. Abandoned property. [35, 24 of 2024] 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] [36, 24 of 2024] 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] [37, 24 of 2024] 76H. Part V and Part VI to apply to a licenced specialised bank.[ 31,33 of 1995] [29, 2 of 2005] [38, 24 of 2024] 76J. Directions of the Monetary Board.[ 31,33 of 1995] [ 6,15 of 2005] [39, 24 of 2024] 76K. Procedure where licensed specialized banks follow unsafe practices.[ 31,33 of 1995] [31, 2 of 2005] [40, 24 of 2024] 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] [41, 24 of 2024] 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] [42, 24 of 2024] 79A. Compounding of offences.[ 34,33 of 1995] [37, 2 of 2005] 79B. Central Bank to impose administrative fine [43, 24 of 2024] 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] [44, 24 of 2024] 83B. Commercial bank deemed to be an exempted company.[ 38,33 of 1995] 83C. Prohibition on conduct of certain Schemes. [38, 2 of 2005] 83D. Delegation of its powers, duties and functions by the Central Bank [45, 24 of 2024] 83E. Central Bank to inform any person to furnish any information & c. [45, 24 of 2024] 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] [46, 24 of 2024]