Sri Lanka Consolidated Acts

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State Mortgage And Investment Bank Law (No. 13 of 1975)


           Long Title

   1.	   Short title and date of operation  
   2.	   Establishment of the State Mortgage and Investment Bank  
   3.	   Members of the Bank  
   4.	   Head office of the Bank  
   5.	   The law governing the Bank  
   6.	   Business of the Bank  
   7.	   Board of Directors  
   8.	   Powers of the Board  
   9.	   Acts of the Board not to be invalid by reason of any vacancy  
   10.	   Director's term of office  
   11.	   Remuneration of directors  
   12.	   Disqualification and removal of directors  
   13.	   Vacancies on the Board  
   14.	   Chairman oil the Board  
   15.	   Meetings  
   16.	   Quorum  
   17.	   Disclosure of interest by a director  
   18.	   Minutes  
   19.	   Powers of Minister to issue directions to the Board  
   20.	   Appointments and powers of the General Manager  
   21.	   Employees  
   22.	   Advisers, &c  
   23.	   Agents  
   24.	   Security from employees  
   25.	   Protection of employees  
   26.	   Reimbursement for expenses incurred on behalf of the Bank  
   27.	   No director or employee of the Bank to guarantee loans  
   28.	   Restrictions on loans to directors  
   29.	   Declaration of secrecy  
   30.	   Right to refuse to answer questions  
   31.	   Kinds of business the Bank is authorized to carry on and transact  
   32.	   Board's power to grant loans  
   33.	   Withdrawal of the grant of a loan  
   34.	   Board's power to investigate application of loan  
   35.	   Recalling of loans  
   36.	   Change of security  
   37.	   Capital of the Bank and the power to raise money  
   38.	   State Mortgage and Investment Bank debentures, securities, stocks and shares  
   39.	   Exemption of debentures from stamp duty  
   40.	   Charge upon Consolidated Fund  
   41.	   Government; to guarantee  
   42.	   Priority of charge created by loan  
   43.	   Special provisions relating to loans given by the Back  
   44.	   Anticipation of payments  
   45.	   Funds of the Bank  
   46.	   Utilization of the profits of the Bank  
   47.	   Action by Board where default is made  
   48.	   Authorization of manager to take possession of mortgaged property  
   49.	   Procedure where manager is appointed  
   50.	   Authorization of sale of mortgaged property  
   51.	   Where borrower is dead  
   52.	   Notice of resolution  
   53.	   Notice of sale  
   54.	   Payments before sale  
   55.	   Upset price  
   56.	   Default in respect of one of several loans on same property  
   57.	   Recovery of expenses and costs incurred by the bank  
   58.	   Payment of excess  
   59.	   Certificate of sale  
   60.	   Order for delivery of possession  
   61.	   Cancellation of sale  
   62.	   Resale by the Bank  
   63.	   Limit of retention of property by the Bank  
   64.	   Meaning of property  
   65.	   Applicability of Finance Act, No. 38 of 1971  
   66.	   Custody and affixing of common seat  
   67.	   Certain written law not to apply to the . Bank  
   68.	   The Bank deemed be a banking institution under the Monetary Law Act  
   69.	   Receipt when valid  
   70.	   Contracts  
   71.	   Bills of exchange and promissory notes  
   72.	   Persons authorized to act on behalf of the Bank  
   73.	   Execution of deeds abroad  
   74.	   Rules made by the Board  
   75.	   Regulations made by the Minister  
   76.	   Penal interest in case of default  
   77.	   Power to recall loan on change of ownership of security  
   78.	   Power to inspect valuation rolls of local rating authorities  
   79.	   Liability as state officers of directors and employees  
   80.	   Forgery of debentures  
   81.	   False evidence  
   82.	   Liability of directors and valuers for participating In the sanctioning of certain loans  
   83.	   Offences  
   84.	   Registered address and notices  
   85.	   Repeal of certain enactments  
   86.	   Interpretation  

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