People’s Bank (Amendment)
People’s Bank (Amendment)
People’s Bank (Amendment)
AN ACT TO AMEND THE PEOPLE’S BANK ACT NO, 29 OF 1981.
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BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:
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Short title.
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1.This Act may be cited as the People’s Bank (Amendment) Act, No. 61 of 1980.
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Amendment of section 8 of Act No.29 of 1961.
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2.Section 8 of the People’s Bank Act,No 29 of 1961, (hereinafter referred to as the ” principal enactment”) as amended by the People’s Bank (Special Provisions) Law. No. 25 of 1978, is hereby farther amended by the repeal of subsection and the substitution of the following subsection :
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“(1) The Board shall consist of ten directors appointed by the Minister, two of whom shall be nominated by the Minister in charge of the subject of Co-operatives.”.
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Replacement of section 12 of the principal enactment.
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3.Section 12 of the principal enactment is hereby repealed and the following section substituted therefor:
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“Capital.
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12.
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(1) The authorized capital of the bank shall be one thousand million rupees divided into twenty million shares of fifty rupees each.
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(2) The paid-up capital of the bank shall be such, amount as may be determined from time to time by the Minister by Order published In the Gazette “.
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Insertion of new section 42A in the principal enactment.
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4. The following new section is hereby inserted. immediately after section 42, and shall have effect as section 42A of the principal enactment:-
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“Minister of give directions.
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42A.The Minister may from time to time give general or special directions in writing to the Board as to the performance of the duties and the exercise of the powers of the bank and it shall be the duty of the Board to comply with such directions,
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