From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Banking Act No. 30 of 1988
(amended through 2006)
Banking Act No. 30 of 1988 (as amended through 2006) regulates the banking activity of Sri Lanka, which includes commercial and specialized banks.
The law is organized as follows:
- Licensing of persons carrying on banking business;
- Banking names and descriptions;
- Capital requirements, reserve funds and maintenance of liquid assets;
- Disqualification for appointment as director, secretary, of licensed commercial banks;
- Control over licensed commercial banks;
- Vesting the banking business of a licensed commercial bank;
- Liquidation of licensed commercial banks incorporated within Sri Lanka and closure of branches of licensed commercial banks incorporated outside Sri Lanka;
- Abandoned property;
- Licensed specialized banks;
- Repeal; and