July 29, 2013 (LBO) – Sri Lanka’s industry and commerce ministry said it had appointed a four person body to approve credit agencies under powers of Sri Lanka’s mortgage and trust receipt laws. Commercial minister Rishad Bathiudeen had appointed, Sujeewa Rajapaksa (President of ICASL), Anura Meddagoda (Attorney at Law) and VM Weerasinghe (Chief Accountant, Ministry of Industry & Commerce) as members of the ˜Board for the Approval of Credit Agencies’ (BACA) of Sri Lanka.
The commerce ministry said credit agencies are approved by the Director of Commerce under Sri Lanka’s Mortgage Act No 06 of 1949, the Trust Receipts Ordinance 12 of 1947 and the Inland Trust Receipts Act No 14 of 1990 following a recommendation of the board.
The credit agencies can then enter into mortgage as well as trust receipts transactions for import-export loans, the ministry said. The Department had approved 355 companies up to 2008 made up to 265 multipurpose co-operative societies and 90 others, which were mostly banks and finance companies.