59. Under liquidation proceedings
| (a) any term, statutory, contractual or otherwise, on the expiration of which a claim or right of the licensed commercial bank would expire or be extinguished, shall by she operation of this section, be extended by six months from the date of the commencement of the proceedings; |
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| (b) any attachment or lien, except a lien existing six months prior to the date as specified in paragraph (A), shall be vacated, and no attachment or lien, except a lien created by the Director of Bank Supervision, in the application of the provisions of this Part, shall attach to, any property or assets of the licensed commercial bank in liquidation; |
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| (c) any transfer of any assets of the licensed commercial bank made after or in contemplation of its insolvency shall be void, |
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Sri Lanka Consolidated Acts