Tuesday, 14 October 2014 02:02
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The Government last week presented a Bill in Parliament that provides for the registration of DFCC Bank as a Public Limited Company incorporated under the Companies Act.
The Bill will become law once Parliament passes it and is certified by the Speaker.
The proposed law will enable DFCC to come into being and continue to carry on its business as a licensed specialised bank without any interruption. It will also be called DFCC Bank Plc.
The Bill provides for all assets, liabilities, rights, obligations and contracts of DFCC Bank including those relating to all borrowings, securities issues, deposits, lending, investments, shares issued, services, undertakings of government relating to foreign exchange risk cover, directors and employees to seamlessly transfer to and vest in the company.
