DFCC BANK (REPEAL AND CONSEQUENTIAL PROVISIONS) ACT

Arrangement of Sections

1. Short title.

2. Repeal of the DFCC Bank Act.

3. Registration of the DFCC Bank as a public limited company under the Companies Act, No. 07 of 2007.

4. Business of DFCC Bank to vest in the Company.

5. Transitional provisions.

6. Limited applicability of section 10 and 14 of the DFCC Bank Act.

7. Consequential amendments to written laws.

8. Regulations.

9. Merger and amalgamation.

10. Sinhala text to prevail in case of inconsistency.

11. Interpretation.

39 of 2014.

An Act to make provisions for registration of the DFCC Bank as a public limited company with the name “DFCC Bank PLC” and to provide for the provisions consequential to such registration; to repeal the DFCC Bank Act and for matters connected therewith or incidental thereto.

[Date of Commencement: 01st November, 2014]

1. Short title.

This Act may be cited as the DFCC Bank (Repeal and Consequential Provisions) Act.

2. Repeal of the DFCC Bank Act.

The DFCC Bank Act shall as from such date as may be specified by the Minister by Order published in the Gazette (hereinafter referred to as the “specified date”) be repealed. Such date shall be a date which is not later than six months from the date of commencement of this Act.

3. Registration of the DFCC Bank as a public limited company under the Companies Act, No. 07 of 2007.

(1) The Minister may, at any time after the date of commencement of this Act, forward to the Registrar of Companies Articles of Association duly approved by the Monetary Board together with a direction to such Registrar requiring him to register the DFCC Bank as a public limited company under the Companies Act, No. 07 of 2007, with the name “DFCC Bank PLC” with effect from the specified date.

(2) Notwithstanding anything contained in the Companies Act, No. 07 of 2007, the Registrar of Companies shall, on receipt of a direction under subsection (1)—

(a) issue a Certificate of Incorporation under subsection (1) of section 5 of the aforesaid Act, in the name “DFCC Bank PLC”; and

(b) publish an Order in the Gazette declaring that from the specified date a public limited company is incorporated in the name “DFCC Bank PLC” (hereinafter referred to as “the Company”) to take over and carry on the business of the DFCC Bank as a going concern.

4. Business of DFCC Bank to vest in the Company.

With effect from the specified date, the business of the DFCC Bank shall vest absolutely in the Company.

5. Transitional provisions.

With effect from the specified date notwithstanding any provision in any other law—

(a) the share capital and any amount lying to the credit of the share premium account, of the DFCC Bank on the day immediately preceding the specified date shall be deemed to be the stated capital of the Company as at the specified date;

(b) all shareholders of the DFCC Bank on the day immediately preceding the specified date shall be deemed to be the shareholders of the Company as at the specified date and the shares held by such shareholders in the Company shall be identical in number to that held by them in the DFCC Bank on the day immediately preceding the specified date and all share certificates issued by the DFCC Bank shall be read and construed as if such share certificates were share certificates issued by the Company;

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