25. Section 62 of the principal enactment is hereby amended as follows:-
| (1) by the repeal of sub-sections (1) and (2) of that section; |
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| (2) by the renumbering of sub-section (3), sub-section (4), sub-section (5), sub-section (6) and sub-section (7) of that section as sub-section (1), sub-section (2), sub-section (3). sub-section (4), and sub-section (5), respectively, of that section; |
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| (3) in renumbered sub-section (2) of that section-
| | (a) by the substitution, in paragraph (a) of that sub-section, for the expression " any penal interest ", of the expression '"any penal or other interest pay-able under the proviso to section 103" ; | | |
| | (b) by the substitution, in paragraph (b) of that sub-section,-
| | | (i) for the expression " equated payment ", of the expression " equated payment or other payment "; |
| (ii) for the expression " any penal interest ", of the expression " any penal or other interest payable under the proviso to section 103 "; |
| (iii) for the expression " the board may, in ", of the expression " the bank may, in "; and |
| (iv) for the expression " sub-section (1) ", of the expression " section 61D "; |
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| (4) by the repeal of renumbered sub-section (3) of that section, and the substitution therefor of the following new sub-section: -
| | " (3)
| | | (a) The board may fix an upset price below which the property shall not be sold to any person other than the bank. |
| (b) In fixing an upset price the board shall have particular regard both to the outstanding amount of the loan granted on the security of the property and the current value of the property."; |
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| (5) in renumbered sub-section (5) of that section, by the substitution, for the expression " this section ", of the expression " sections 61A to 68 (both sections inclusive)"; and |
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| (6) by the substitution, for the marginal note to that section, of the following new marginal note: - |
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Sri Lanka Consolidated Acts