3.
| (1) Every instrument executed, prior to the date of commencement of this Act, creating a mortgage or charge on any land or interest therein in respect of a loan granted to any owner cultivator or occupier of an agricultural land by a specified bank shall be deemed not to have been, or to be, invalid or to be improperly stamped, by reason only of the fact that such bank was not, at the time of the execution or stamping of such instrument, as the case may be, a prescribed bank within the meaning of the principal enactment and every such instrument shall have the priority referred to in section 30 of the principal enactment. |
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| (2) Every notification made to the Commissioner, under subsection (1) of section 29 of the principal enactment by a specified bank, prior to the date of commencement of this Act, shall be deemed not to have been, or to be, invalid by reason only of the fact that such bank was not, on the date of such notification, a prescribed bank within the meaning of the principal enactment. |
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| (3) Every order made, prior to the date of commencement of this Act, under subsection (4) of section 29 of the principal enactment, for the payment of any sum of money to a specified bank shall be deemed not to have been, or to be, invalid by reason only of the fact that such bank was not, on the date of such order, a prescribed bank within the meaning of the principal enactment |
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| (4) Every application made, prior to the date of commencement of this Act, by a specified bank to a Magistrate's Court, under subsection (5) of section 29 of the principal enactment shall be deemed not to have been, or to be, in valid by reason only of the fact that such bank was not,, on the date of such application, a prescribed bank within the meaning of the principal enactment. |
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| (5) Every order made prior to the date of commencement of this Act. by a Magistrate's Court, under subsection (5) of section 29 of the principal enactment, in pursuance of an application made to it under that subsection, by a specified bank shall be deemed not to have been, or to be, invalid by reason only of the fact that such bank was not, on the date of such order, a prescribed bank within the meaning of the principal enactment. |
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| (6) Every certificate issued, prior to the date of commencement of this Act, by or on behalf of a specified bank, under subsection (6) of section 29 of the principal enactment shall be deemed not to have been or to be, invalid by reason only of the fact that such bank was not, on the date of such certificate, a prescribed bank within the meaning of the principal enactment. |
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| (7) In this section " specified bank " means any banking institution within the meaning of section 127 of the Monetary Law Act. |
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Sri Lanka Consolidated Acts