Sri Lanka Consolidated Acts

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State Mortgage And Investment Bank Law (No. 13 of 1975) - Sect 82

Liability of directors and valuers for participating In the sanctioning of certain loans

82.
(1) A director who participates in the discussion of, or votes upon, any resolution for the granting of a loan,-
(a) to a person who is a debtor or a creditor of his or is in partnership with him or is in his employ; or
(b) on the security of any property in which he has a pecuniary interest,
(2) A person who acts as valuer in respect of an application for a loan -
(a) by a person to whom he stands in any of the relationships set out in subsection (1); or
(b) on the security in which he has a pecuniary interest,


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