Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsAmendment of section 22 of the principal enactment
| 3. Section 22 of the principal enactment is hereby amended by the insertion of the following proviso, at the end of that section: ' Provided however, a member of the Fund may, assign or charge the contributions lying to the credit of his individual account in the Fund, with the State Mortgage and Investment Bank established under the State Mortgage and Investment Bank Act, No. 13 of 1975, or the National Housing and Development Authority established under the National Housing Development Authority Act, No. 17 of 1979 or the Housing Development Finance Corporation of Sri Lanka limited established under the National Housing Act (Chapter 401). or the Peoples' Bank established under the Peoples'. Bank Act, No. 29 of 1961, or the Bank of Ceylon established under the Bank of Ceylon Ordinance (Chapter 397) or the National Savings Bank established under the National Savings Bank Act, No. 30 of 1971, or Multipurpose Corporative Societies established under the Corporative Societies Ordinance (Chapter 124), against a loan given for housing purposes by any one of the said lending institutions. In any case where more than one member of a family are members of the Fund, all such members of the family as are members of the Fund may assign or charge the aggregate of the contributions lying to the credit of their individual accounts against a housing loan taken as aforesaid. Where the repayment of the instalment of a loan is in default, the Commissioner shall, after being so intimated by the relevant lending institution, settle the instalment in default together with interest accrued on such instalment to such lending institution, out of the moneys lying in the individual account or accounts of such employee or employees, notwithstanding the provisions of section 23 or 24 of the Act. The intimation by a relevant lending institution to the Commissioner, with respect to defaults in payment by an employee of instalments of a loan shall be made at the end of each calendar year. Where there are any sums outstanding on account of a housing loan taken as aforesaid at the time of the payment of a" benefit under section 23 or 24, as the case may be, the Commissioner may direct the Monetary Board, to deduct such outstanding sums out of the moneys lying to the credit, of such member or members, in his or their individual accounts as the case may be, and transfer the moneys so deducted, immediately after such deduction, to the respective lending institutions. For the purpose of section 22, " family" means a member of the Fund, his or her spouse, and his or her children.'. |