PEOPLE’S BANK ACT
Arrangement of Sections
1. Short title.
2. Establishment of the People’s Bank.
3. Seal of the Bank.
4. Purposes of the Bank.
5. Powers of the Bank.
6. Principal place of business and branches and agencies of the Bank.
7. Management of affairs and business of the Bank.
8. Board of Directors.
9. General body of the Bank.
10. The Chairman of the Board.
11. Director to disclose his interest in any loan or other accommodation to be considered by the Board.
12. Capital.
13. Sale of shares.
14. Liability of a shareholder.
15. Sums to be granted or lent by Government to the Bank.
16. Commencement of business by the Bank.
17. Powers of the Permanent Secretary until commencement of business by the Bank.
18. Acts commenced by the Permanent Secretary may be continued by the Board.
19. Building Fund.
20. The Bank to raise money by the issue of debentures for granting medium-term and long-term loans.
21. Government guarantee.
22. General Reserve and Special Reserve.
23. Dissolution of the co-operative Federal Bank of Ceylon, Limited.
24. Power of Minister to dissolve a co-operative Bank.
25. Deposit of money and obtaining of long-term or medium-term loans by co-operative societies.
26. Loans, overdrafts and other accommodation to be granted only in certain circumstances.
27. Power of the Board to inspect valuation rolls of local rating or taxing authority.
28. Registered address of borrower.
29. Default of payment and penal Interest in case of default.
29A. Action by Board where default is made.
29B. Authorisation of Manager to take possession of mortgaged property.
29C. Procedure where Manager is appointed.
29D. Authorisation of sale of mortgaged property.
29E. Where borrower is dead.
29F. Notice of resolution.
29G. Notice of sale.
29H. Payment before sale.
29J. Upset price.
29K. Default in respect of one of several loans on same property.
29L. Recovery of expenses and costs incurred by the Bank.
29M. Payment of excess.
29N. Certificate of sale.
29P. Order for delivery of possession.
29Q. Cancellation of sale.
29R. Resale by the Bank.
29S. Limit of retention of property by the Bank.
29T. Meaning of property.
30. Repealed.
31. Repealed.
32. Delegation of powers and duties of the Board.
33. Accounts.
34. Audit.
35. Documents to be transmitted to the Minister and the Minister in charge of the subject of Finance to be laid before Parliament.
36. Power of certain officers of the Bank to examine the books and accounts of any co-operative society to which, and of any other person to whom, a loan has been granted by the Bank.
37. The Board’s powers to recommend to the Commissioner of co-operative Development the dissolution and liquidation of a co-operative society which, on the examination of its affairs under section 36, is found to be insolvent.
38. Offences.
39. Punishment for offences.
40. Offences by body of persons.
41. Repealed.
42. The Bank to be deemed to be a suitable person to manage and administer the affairs of certain co-operative societies.
42A. Minister to give directions.
43. Regulations.
44. This Act to have effect notwithstanding the provisions of the co-operative societies Law.
45. The provisions of the Companies Ordinance only to apply to the Bank if they are made applicable by Order of the Minister.
46. Omitted.
47. Omitted.
48. Interpretation.
43 of 1973,
25 of 1978,
29 of 1961,
11 of 1963,
18 of 1965,
16 of 1969,
61 of 1980,
43 of 1982,
32 of 1986,
1386-18-2005,
16 of 2019.
AN ACT to provide for the establishment of the people’s bank and to dissolve the Co-operative Federal Bank of Ceylon, Ltd, and to provide for matters connected with or incidental to the matters aforesaid.
[Date of Commencement: 30th May, 1961]
1. Short title.
This Act may be cited as the People’s Bank Act.
2. Establishment of the People’s Bank.
(1) There shall be established a bank which shall be called the People’s Bank (hereafter in this Act referred to as the Bank) and which shall consist of the persons who are for the time being shareholders of the Bank.
(2) The Bank shall by the name assigned to it by subsection (1) be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in such name.
3. Seal of the Bank.
(1) The seal of the Bank shall be judicially noticed and shall be in the custody of the Board of Directors of the Bank.
(2) The seal of the Bank may be altered in such manner as may be determined by the Bank.
4. Purposes of the Bank.
The purposes of the Bank shall be:
(1) to develop and assist–
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