FINANCE BUSINESS ACT

Arrangement of Sections

1. Short title.

PART I

Licensing of Finance Companies

2. Carrying on finance business and accepting deposits, without authority, to be an offence.

3. Non-application of provision of this Act to certain institutions.

4. Application for a license.

5. Licensing of companies as finance companies.

6. Licence fee.

7. Register of finance companies and publication of names of finance companies.

8. Exhibiting the licence of finance company.

9. Duty of finance company to notify Board of cessation of finance business.

10. Use of the word "finance”.

11. Restriction on use of abbreviated name or acronym of a finance company.

PART II

Directions, rules and requirements on Finance Companies

12. Directions of the Board.

13. Monitoring the compliance with directions.

14. Action on failure to comply with directions.

15. Directions to Submit documents and information.

16. Rules.

17. Core capital.

18. Reserve Fund.

19. Carrying on business by finance companies.

20. Failure to repay deposit or pay interest to be an offence.

21. Disqualifications for holding certain posts in finance companies.

22. Declaration of assets and liabilities.

23. Transfer of dormant deposits to a special account in the Central Bank.

PART III

Examinations and Supervisory Actions on Finance Companies

24. Examination of books and accounts etc. of finance companies.

25. Procedure to be followed when Director is of opinion that finance company is following unsound practices.

PART IV

Financial statements and audit of Finance Companies

26. Financial statements of finance company.

27. Balance sheet of finance company.

28. Income statement of finance company.

29. Transmission of balance sheet and income statement of finance company to the Director and publication.

30. Auditing of accounts.

PART V

Regulatory and Resolution Actions on Finance Companies

31. Suspension.

32. Winding up.

33. Priority of claims in winding up.

34. Board may take over administration and management of a finance company.

35. Protection from suit.

36. Vesting of administration and management of finance company in person.

37. Cancellation of licence of a finance company.

PART VI

Insurance of Deposits

38. Scheme of insurance of deposits.

39. Application for insurance of deposits.

40. Examination by authorised body corporate.

41. Rules relating to deposit insurance.

PART VII

Action against persons carrying on Finance Business or accepting deposits without authority

42. Investigation.

43. Court order to compel a person to provide information and books.

44. Issue of Freezing Order.

45. Confirmation of Freezing Order and impounding of passports.

46. Information of assets and liabilities of a person under investigation.

47. Police and Divisional Secretaries to provide information.

48. Prohibition of advertising soliciting deposits without authority.

49. Media institutions to verify before publishing advertisements soliciting deposits.

50. Publication of advertisements soliciting deposits without authority is an offence.

PART VIII

Offences and Penalties

51. Action to be taken regarding wrongful gain.

52. Offences by a Director, Secretary, Chief Executive Officer, Manager, officer, employee or auditor of a finance company.

53. Offences by persons.

54. Hearing and decision on applications made under this Act.

55. Abetting to commit an offence is an offence.

56. Penalties.

57. Application of funds for payment of fine.

58. Provision for appeals from certain orders.

PART IX

General

59. Fund.

60. Authority to represent and delegation of powers.

61. Maintenance of secrecy.

62. Finance companies and banks to inform the Director of persons carrying on finance business or accepting deposits without authority.

63. Members of the Board, Director, authorised officers deemed to be public servants.

64. Director, authorised officers deemed to be public officers.

65. Offences to be cognizable and bailable.

66. Pre-condition for prosecution.

67. Providing temporary financial assistance & guarantees by the Board.

68. Directions of the Minister.

69. Regulation of the Minister.

70. Power to call for information to find out the whereabouts of a person.

71. Repeal and savings.

72. This Act to prevail over other laws.

73. Deposit.

74. Interpretation.

75. Sinhala text to prevail in case of inconsistency.

42 of 2011.

AN ACT to provide for the regulation of Finance Business and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 9th November, 2011]

1. Short title.

This Act may be cited as the Finance Business Act.

PART I

Licensing of Finance Companies

2. Carrying on finance business and accepting deposits, without authority, to be an offence.

(1) Subject to the provisions of section 3 of this Act, no person other than a person licensed under this Act shall carry on finance business.

(2) No person, other than a person licensed to carry on finance business under this Act or a person exempted from the application of the provisions of this Act in terms of section 3, shall accept deposits.

(3) A person shall not be eligible to be licensed as a finance company under this Act unless such person is a company registered under the Companies Act, No. 7 of 2007, and such company is not a company limited by guarantee, a private company, an offshore company or an overseas company within the meaning of the Companies Act, No. 7 of 2007.

(4) Any person who contravenes the provisions of subsections (1) or (2) shall be guilty of an offence under this Act.

3. Non-application of provision of this Act to certain institutions.

The provisions of this Act shall not apply to and in relation to any bank licensed under the Banking Act, No. 30 of 1988 or any institution, other than a finance company, exempted in terms of section 76A thereof or a Co-operative Society registered under a Statute of a Provincial Council, or any other institution exempted from the application of this Act by any written law for the time being in force.

4. Application for a license.

An application for a licence shall be made in writing to the Board in such form as may be prescribed by rules and shall contain a declaration by the applicant company that the particulars stated in the application are, to the knowledge and belief of the applicant, true and accurate.

5. Licensing of companies as finance companies.

(1) Where an application is made to the Board for a licence under this Act, the Board may require the Director to make his recommendation in respect of the application and the Director may call for information as he may consider necessary and call for and examine or cause to be examined books, records and documents of whatever description, of the company applying for a licence and its holding company, any subsidiary company, any associate company or any subsidiary or associate company of its holding company or any other company that in the view of the Director, has a substantial financial interest or a significant management interest in the company applying for a licence and shall make his recommendation to the Board.

(2) The Board may, at any time prior to issuing of a licence under subsection (3) to a company, cause such investigations as it may deem necessary to satisfy itself as to the suitability of the applicant company and may require the applicant company to satisfy the Board on any matter relevant to the suitability of the applicant company and in particular—

(a) the veracity and validity of the documents and particulars submitted by the applicant company;

(b) the financial status and history of the applicant company;

(c) the academic and professional qualifications, experience, financial standing and suitability of the Board of Directors, the Chief Executive Officer and key management personnel, as the Board may deem necessary;

(d) the adequacy of the capital of the applicant company or based on the information furnished by the applicant company, the ability of such company to raise adequate capital;

(e) the ability of the applicant company to cover all obligations and liabilities that may be incurred in the conduct of finance business of such company and to comply with the provisions of this Act; and

(f) the applicant company's compliance with the provisions of this Act or any direction given thereunder in relation to the application for a licence under this Act.

(3) On consideration of an application made to the Board and the recommendations of the Director under subsection (1) and after such investigations under subsection (2) —

(a) if the Board is satisfied that—

(i) the applicant company has a core capital of not less than two hundred million rupees or such other higher amount as may be determined by the Board in terms of subsection (1) of section 17;

(ii) the applicant company has the ability to comply with the directions and rules applicable to finance companies; and

(iii) the issue of a licence to the applicant company on the strength of the information made available to the Board, would not be detrimental to the interests of its creditors and other stakeholders,

the Board may issue a license to the applicant company as a finance company to carry on finance business subject to such terms and conditions as the Board may deem fit;

(b) if the Board is satisfied that the issue of a licence to the applicant company would not be detrimental to the interests of its creditors and other stakeholders and that the applicant company has the potential to fulfil the requirements specified in sub-paragraphs (i) and (ii) of paragraph (a), the Board may grant provisional approval subject to such terms and conditions as the Board may deem fit; or

(c) if the Board is satisfied that the issue of a licence to the applicant company would be detrimental to the interests of its creditors and other stakeholders or to the interest and stability of the financial system, the Board may reject the application and issue such directions as it deems necessary.

(4) The provisional approval granted under paragraph (b) of subsection (3) shall be valid for such period as may be determined by the Board. The Board may in exceptional circumstances extend the period of validity of a provisional approval:

Provided however, the period of validity of the provisional approval shall not exceed eighteen months from the date on which the provisional approval was granted under paragraph (b) of subsection (3).

(5) An applicant company to whom a provisional approval has been granted shall not commence finance business before being issued with a licence under this Act. Any prospectus or notice issued or any advertisement or other publication made by such company shall not state the fact that it has been granted provisional approval under paragraph (b) of subsection (3) unless such disclosure is required under any written law.

(6) The Board may, withdraw the provisional approval:

(a) if any information contained in the application for a licence or any information submitted in connection therewith by the applicant company is found to be false, incomplete or incorrect; or

(b) if having regard to any information made available to the Board it becomes apparent that the issue of a licence to the applicant company is detrimental to the interest and stability of the financial system.

(7) The Board having considered the fulfillment of terms and conditions imposed under paragraph (b) of subsection (3) and information received after granting provisional approval and being satisfied that the licensing of the applicant company would not be detrimental to the interests of its creditors and other stakeholders or to the interest of financial system stability may issue a licence to the applicant company subject to such terms and conditions as the Board may deem necessary:

Provided however, that the provisional approval shall not bind the Board to grant a licence to the applicant company.

(8) Upon the issuance of a licence to an applicant company, the Board shall cause to be published in the Gazette and in at least one Sinhala, Tamil and English daily newspapers circulating in Sri Lanka, a notice informing the public that a licence has been issued to such applicant company authorising it to carry on finance business.

(9) Any person who submits information in an application for a licence or in any other document submitted in connection therewith or in the course of any inquiry or investigation conducted to ascertain the suitability of the company to be issued with a licence under this Act, which is false, incomplete or incorrect, shall be guilty of an offence under this Act.

6. Licence fee.

Every finance company licensed under this Act, shall pay an annual licence fee in such amount as may be prescribed by rules.

7. Register of finance companies and publication of names of finance companies.

(1) The Board shall keep and maintain in such form as may be prescribed by rules a Register of Finance Companies licensed under this Act.

(2) The Board may from time to time cause to be published a notice containing the names of finance companies licensed under this Act, in a manner and form as the Board deems fit and it may also include the supervisory rating of those companies.

8. Exhibiting the licence of finance company.

Every finance company shall exhibit its licence at all times in the principal office or place of business of such finance company and a copy of such licence at each of its branches.

9. Duty of finance company to notify Board of cessation of finance business.

(1) Where any finance company licensed under this Act has ceased to carry on finance business, a notice of such cessation shall be given to the Board forthwith upon such cessation by such company.

(2) On receipt of a notice of cessation under subsection (1), the Board may issue to such finance company directions for winding up or for divesting the finance business of the finance company or for the settlement in such manner as may be specified by the Board of the deposit liabilities of the finance company and such other directions incidental thereto.

(3) Where the Board has reasonable grounds to believe that any finance company licensed under this Act is not carrying on finance business, the Board may send to such company a notice by registered post requiring such company to furnish proof, within two weeks from the date of such notice, that it has not ceased to carry on finance business. After the expiration of two weeks from the date of such notice or in the event of the company furnishing proof after considering such proof, the Board may withdraw such notice, or may issue to such finance company directions for winding up or for divesting the finance business of the finance company or for the settlement in such manner as may be specified by the Board of the deposit liabilities of the finance company and such other directions incidental thereto.

(4) Where a finance company fails to comply with directions issued under subsections (2) or (3) within the period specified by the Board, which period may be extended by the Board in exceptional circumstances having considered the steps taken by the finance company to comply with such directions, the Board may require the Director to file action for winding up of the finance company and the provisions of section 32 shall apply thereto.

10. Use of the word "finance”.

(1) A finance company shall have as part of its name, the word "finance”, "financing” or "financial” or any of its transliterations, or their equivalent in any other language. Any finance company which does not have in its name, the word "finance”, "financing” or "financial” or any of its transliterations, or their equivalent in any other language in its name, shall forthwith take such steps as are necessary to change its name to include the word "finance”, "financing” or "financial” or any of its transliterations or their equivalent in any other language in its name, within six months from the date of commencement of operation of this Act.

(2) No person other than a finance company and an institution specified in subsection (6) shall, except with the prior written approval of the Board, use the word "finance”,

"financing” or "financial” alone or in combination with another word or any of its derivatives or its transliterations or their equivalent in any other language, as part of the name or the description or the business name of such person.

(3) Subject to the provision of subsections (1) and (6), any person who uses the word "finance”, "financing” or "financial” or any of its derivatives or its transliterations, or their equivalent in any other language as part of the name or the description or the business name of such person, unless it has obtained the written approval of the Board, shall change such name or such description or such business name by deleting the word "finance”, "financing” or "financial” or any of its derivatives or its transliterations, or their equivalent in any other language, from such name or such description or such business name within six months from the date of commencement of operation of this Act.

(4) The Director may require the Registrar General of Companies, the Registrar of Voluntary Social Service Organisations, Registrars of Business Names of Sri Lanka and any other relevant authority to furnish information of the bodies corporate or unincorporate using the word "finance”, "financing” or "financial” or any of its derivatives or its transliterations, or their equivalent in any other language, in the name or the description or the business name of such bodies which are established or registered under such authority and such Registrar or Authority shall furnish the information as required by the Director.

(5) The Board may, in the public interest, where any person uses the word "finance”, "financing” or "financial” or any of its derivatives or its transliterations, or their equivalent in any other language as part of the name or the description or the business name of such person in contravention of the provisions of this section and notwithstanding that any action has been or is to be taken under the provisions of any other section of this Act in respect of such contravention, publicise by any means whatsoever—

(a) in the case of an incorporated body of persons, the name, description and address of such incorporated body and the names and addresses of the Directors of such incorporated body;

(b) in the case of an unincorporate body of persons, the name, description and address of such body and if the Board thinks fit the names and addresses of the members of such body; and

(c) in the case of an individual the name and address of such individual and his description or business name or both his description and business name,

and that such person is not authorised to use any of the words "finance”, "financing” and "financial” or any of it derivatives or its transliterations or their equivalent in any other language as part of the name or the description or the business name of such person.

(6) Nothing in this section shall apply to—

(a) a company which is required by the Board to have as part of its name the word "finance”, "financing” or "financial” or its transliterations, or their equivalent in any other language in its name;

(b) an association of finance companies formed for the protection of their interests;

(c) a trade union registered under the Trade Union Ordinance, which is an association or combination of workers who are employees of a finance company;

(d) an institution in respect of which such usage is established or recognised by law or international agreement; and

(e) a body corporate which exclusively provides educational or consultancy services.

(7) The Board may introduce a logo or a sign to be used by every finance company. No person other than a finance company shall use such logo.

11. Restriction on use of abbreviated name or acronym of a finance company.

(1) No company, proprietorship, partnership or other entity shall without the prior written approval of the Director, be registered under any written law with a name that contains as part of it, the abbreviated name or acronym of any finance company:

Provided however, the provision of this subsection shall not be construed in such manner as would affect the powers conferred on the Registrar General of Companies in terms of section 7 and 10 of the Companies Act, No. 7 of 2007.

(2) No person other than the respective finance company shall use the name, abbreviated name or acronym of a finance company, in any of its advertisements promoting its business without the prior written approval of the Director.

PART II

Directions, rules and requirements on Finance Companies

12. Directions of the Board.

(1) Notwithstanding the provisions of any other law, the Board may give directions to finance companies or to any group or category of finance companies regarding the manner in which any aspect of the business and corporate affairs of such finance companies are to be conducted and, in particular—

(a) the terms and conditions under which deposits may be accepted by such companies, the maximum rates of interest payable on such deposits, and the maximum period for which deposits may be accepted and the maximum amount that may be deposited with a company in the name of one person in one or more accounts;

(b) the terms and conditions under which any loan, credit facility or any type of financial accommodation may be granted by such companies, the maximum rates of interest that may be charged on such loans, credit facilities or other types of financial accommodation, and the maximum periods for which any such loan, credit facility or other type of financial accommodation may be granted;

(c) the maximum rates which may be paid to, or charged by, such companies by way of commissions, discounts, fees or other receipts or payments whatsoever;

(d) the terms and conditions under which investments may be made by such companies;

(e) the maximum permissible maturities for loans, credit facilities or other types of financial accommodation and investments made by such companies, and the nature and amount of the security that may be required or permitted for various types of lending, credit and investment operations;

(f) the form and manner in which books of accounts or other records or documents are to be maintained by such companies;

(g) the exclusion from the income of such companies in whole or in part, unpaid interest in respect of loans granted, if such loans have become overdue;

(h) the minimum ratio which the liquid assets of such companies should bear to the total deposit liabilities of such companies;

(i) the maintenance of cash balances by finance companies with the Central Bank if so required by the Board, and the minimum ratio of such cash balances should bear to the deposit liabilities of finance companies;

(j) conditions which should be applicable to withdrawal by depositors of deposits before maturity;

(k) prohibiting such companies from increasing the amount of their loans, credit facilities, other types of financial accommodation or investments;

(l) fixing the limits to the rate at which the amount of any loans, investments or financial accommodation made or granted by such companies may be increased within specified periods;

(m) requiring such companies to decrease the amount of their loans, investments or financial accommodation to specified limits within a specified period;

(n) the maximum percentage of the share capital in a finance company which may be held—

(i) by a company, an incorporated body, or an individual; and

(ii) in the aggregate by—

(a) a company and one or more of the following—

(aa) its subsidiary companies;

(bb) its holding company;

(cc) a subsidiary company of its holding company; or

(dd) a company in which such company or its subsidiary company, or its holding company, or a subsidiary company of its holding company has a substantial interest; or

(b) an individual and one or more of the following—

(aa) his relative;

(bb) a company in which he has a substantial interest or in which his relative has a substantial interest;

(cc) a subsidiary company of such company;

(dd) the holding company of such company;

(ee) a subsidiary company of such company's holding company;

(ff) a company in which such company, or its subsidiary company, or its holding company, or a subsidiary of its holding company has a substantial interest; or

(gg) an incorporated body, other than a company, in which such individual or his relative has a substantial interest; or

(c) companies in each of which an individual or a company as the case may be, has either directly, indirectly or beneficially a substantial interest or significant management interest;

(o) the margins to be maintained by such companies in respect of secured accommodations;

(p) restriction on the types of activities that may be carried on by finance companies;

(q) payment to Directors or employees of such companies by way of salary, allowance, perquisites, reimbursement of expenses, terminal benefits, gratuity and other superannuation payments;

(r) the amount of core capital to be maintained by a finance company;

(s) the academic and professional qualifications and experience required of Directors, the Chief Executive Officer and key management personnel of a finance company;

(t) composition and the constitution of the quorum of the Board of Directors of such companies;

(u) requirement for obtaining prior approval of the Board for appointing, electing or nominating Directors of such companies;

(v) requirement for obtaining prior approval of the Director for appointing the Chief Executive Officer of a finance company;

(w) terms, conditions and procedures to be followed by such companies in the acquisition of real estate, and pricing thereof;

(x) formation of subsidiary and associate companies by such companies;

(y) submission of a bank guarantee by a finance company for such value and on such terms as may be determined by the Board to ensure the payment of any penalty that may be imposed by the Board under this Act.

(2) A direction issued under subsection (1) shall have effect notwithstanding that such direction will require a finance company to effect a change in the nature or amount of any of its assets or liabilities, whether acquired or incurred before or after the date of the coming into operation of this Act:

Provided that, a finance company required to effect a change as stated above, shall be allowed a period of twelve months from the date of such direction within which to effect such change, or such longer period as may be granted by the Board for such purpose.

(3) In order to comply with a direction issued to it under paragraph (n) of subsection (1), a finance company may direct a person holding shares in such finance company to reduce within such period as specified in such direction, the number of shares held by such person in such finance company, whether such shares were acquired by such person before or after the date of commencement of this Act. It shall be the duty of such person to comply with such direction.

(4) The Board may in its discretion pay interest on any cash balance maintained by a finance company in the Central Bank in pursuance of a direction issued to it under paragraph (i) of subsection (1), at such rate as may be determined by the Board.

(5) The Board may give directions where necessary to any finance company in particular on such matters as are specified in subsection (1).

(6) In order to ensure the soundness of the financial system, the Board may issue directions to holding companies, subsidiaries and associate companies of finance companies regarding the manner in which any aspect of the business of such companies is to be conducted.

13. Monitoring the compliance with directions.

The Board may issue guidelines to the Director relating to the manner of monitoring compliance with the directions issued under subsections (1) and (2) of section 12 and authorise the Director to direct finance companies to comply with such directions either forthwith or within such period as may be specified by the Director.

14. Action on failure to comply with directions.

(1) If any finance company fails to comply with any direction issued under subsection (1) or (2) of section 12, the Director shall report such fact to the Board unless otherwise provided for in any guidelines issued under section 13 and the provisions in section 25 of this Act shall apply in such event.

(2) If any finance company fails to comply with any direction issued by the Director in terms of the guidelines issued by the Board under section 13, the Director shall report such fact to the Board and the provisions in section 25 of this Act shall apply in such event.

15. Directions to Submit documents and information.

The Director may with a view to ascertaining the manner in which business and corporate affairs of a finance company are being conducted or for any other specified purpose, direct any finance company to submit documents and information in the manner, in such form and at such intervals or at such times as shall be specified in such direction.

16. Rules.

(1) The Board may make rules on any matter in respect of which rules are authorised to be made under this Act, or which is stated or required to be prescribed.

(2) In particular and without prejudice to the generality of the powers conferred by subsection (1), the Board may make rules in respect of all or any of the following matters—

(a) licensing of finance companies and the annual licence fees payable to the Board by finance companies;

(b) the forms to be used under this Act;

(c) the regulation or the prohibition of the issue by any finance company of any prospectus or advertisement relating to any aspect of finance business, and the conditions subject to which, any such prospectus or advertisement may be issued.

(3) Every rule made by the Board under this Act shall be published in the Gazette.

17. Core capital.

(1) The Board may, from time to time determine the minimum amount of core capital that a company shall have for licensing under this Act:

Provided however, such amount determined by the Board shall not be less than two hundred million rupees.

(2) A finance company shall at all times maintain its core capital at a level not less than the amount it had at the time of being licensed as a finance company:

Provided however, that in the event the Board has issued a direction stipulating a higher amount of core capital or maintenance of core capital in relation to assets or liabilities of a finance company in terms of section 12 of this Act, a finance company shall maintain its core capital in conformity with such direction.

18. Reserve Fund.

(1) A finance company shall at all times maintain a Reserve Fund. Every finance company shall after the payment of tax in respect of each year, but before any dividend is declared, transfer to the Reserve Fund such part of its net profit as the Board may direct.

(2) A finance company shall not without the prior written approval of the Board reduce or impair its capital or such amount as is lying in its Reserve Fund.

19. Carrying on business by finance companies.

A finance company shall at all times carry on its business in such manner so as to safeguard the interests of its depositors and shall take all such measures as are reasonably necessary to repay or pay on the due dates as the case may be, the deposits or interest thereon to its depositors.

20. Failure to repay deposit or pay interest to be an offence.

(1) Where any finance company fails to repay a deposit or fails to pay interest thereon to a depositor, on demand or if a date of maturity is agreed upon at the time of deposit, on or after such date of maturity, every Director, Manager or Secretary of such company shall be guilty of an offence under this Act:

Provided however that, no such Director, Manager or Secretary shall be guilty of an offence if he proves that such offence was committed without his knowledge, and that he exercised all due diligence to prevent the commission of that offence.

(2) Any depositor whose deposit and interest has not been paid on demand or at maturity in terms of subsection (1), may institute proceedings in the Magistrate's Court in terms of section 136 of the Code of Criminal Procedure Act, No. 15 of 1979.

21. Disqualifications for holding certain posts in finance companies.

(1) A person shall be disqualified from being appointed or elected, as the case may be, as a Director, Chief Executive Officer, Secretary or key management personnel of a finance company or from holding such post if such person—

(a) has been declared an undischarged insolvent or a bankrupt, by any court in Sri Lanka or abroad;

(b) has been convicted by any court for an offence involving moral turpitude;

(c) has been convicted by any court for any offence under this Act or the Companies Act, No. 7 of 2007;

(d) is a person against whom action has been taken by the Board under section 51 of this Act;

(e) —

(i) is being subjected to any investigation or inquiry in respect of an act of fraud, deceit, dishonesty or other similar criminal activity, conducted by the police, any regulatory or supervisory authority, professional association, commission of inquiry, tribunal, or any other body established by law, in Sri Lanka or abroad;

(ii) has been found guilty in respect of an act of fraud, deceit, dishonesty or other similar criminal activity, by any regulatory or supervisory authority, professional association, commission of inquiry, tribunal, or any other body established by law, in Sri Lanka or abroad, at any time during the period of fifteen years immediately prior to being so appointed or elected;

(f)

(i) is being subject to court proceedings for an offence involving an act of fraud, deceit, dishonesty or other similar criminal activity;

(ii) has been convicted by any court for an offence involving an act of fraud, deceit, dishonesty or other similar criminal activity at any time during the period of fifteen years immediately prior to being so appointed or elected;

(g) has been removed or suspended by a regulatory or supervisory authority from serving as a Director, Chief Executive or other officer in any bank, finance company or corporate body in Sri Lanka or abroad;

(h) has been declared by a court of competent jurisdiction to be of unsound mind;

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OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015