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Financial Loan Court (Amendment) Act, 1990

An Act made to amend the Financial Loan Court Act, 1990

Whereas it is expedient to amend the Financial Loan Court Act, 1990 (Act No. 4 of 1990) for the purpose hereinafter appearing;

Therefore the following Act is herewith made:-

1. Short title.- This Act shall be called Financial Loan Court (Amendment) Act, 1990.

2. Amendment of section 5 of Act No. 4 of 1990.- After subsection (5) of section 5 of the Financial Loan Court Act, 1990 (Act No.4 of 1990), henceforth referred to as the said Act, shall be inserted the following new subsection, namely:-

"(5a) The hearing of a case filed at a Financial Loan Court shall not be postponed more than three times and such case shall be settled within a period of six month after the date when it has been filed."

"9. Pending cases.- Notwithstanding anything contained in any other Act for the time being in force, every case in respect of the realization of loans of a financial institution, which was, immediately before the commencement of the Financial Loan Court (Amendment) Act, 1990 (Act No.51 of 1990), pending before a court, shall be transferred to the Financial Loan Court of the Zila in which the abovementioned court was situated at the date of commencement of the said Act, and this Act shall be applicable in such cases:
Provided that, where there are several Financial Loan Courts in a Zila, the case shall be transferred to the Financial Loan Court determined by the Zila Judge."