From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Finance Companies Act No. 78 of 1988 and Amendment
(enacted in 1991)
Finance Companies Act No. 78 of 1988 and Amendment of 1991 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