30. In this Act, unless the context otherwise requires" " debt" means a sum of money which is ascertained or capable of being ascertained at the of the institution of the action, and which is in default, whether the same be secured or not, or Owed jointly or severally, and alleged by a lending institution to have arisen from a transaction in the course of banking, lending, financial or other allied business activity of that institution, but does not include a promise or agreement which is not in writing ; " lending institution " means"
| (a) a licensed Commercial Bank within the meaning of the Banking Act, No, 30 of 1988; |
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| (b) the State Mortgage and Investment Bank establish- ed by the State Mortgage and Investment Bank Act, No. 13 of 1975 ; |
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| (c) the National Development Rank established by the National Development Bank of Sri Lanka Act, No. 2 of 1979 ; |
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| (d) the National Savings Bark established by the National Savings Bank Act, No. 30 of 1971; |
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| (e) the Development Finance Corporation of Ceylon established by the Development Finance Corporation of Ceylon Act (Chapter 165) ; and |
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| (f) a company registered under the Finance Companies Act, No. 78 of 1988, to carry on finance business ; |
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" market rate " means the rate per centum per annum determined by the Monetary Board of the Central Bank by Notification published in the Gazette, having regard to current rates of bank interest; " principal officer " in relation to an Institution, means, a director, secretary or other officer not below the rank of a manager of such institution and shall include any other officer of such institution specially authorized by such director, secretary or other officer net below the rank of a manager. |
Sri Lanka Consolidated Acts