7. Section 91 of the principal enactment is hereby amended as follows:-
| (1) by the renumbering of that section as subsection (1) of that section; and |
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| (2) by the insertion immediately after the renumbered subsection (1) of that section of the following subsections: -
| | " (2) Where a default is made in the making of any half-yearly payments due as rent, default shall be deemed to have been made in respect of the whole of the unpaid half-yearly payments and the Chairman of the Bank may authorize any person in writing to sell such premises at any time not less than twenty-one days after the date of such authorization; to recover the whole of the unpaid half-yearly payments, together with interest thereon and the cost of advertising the sale and other incidental expenses connected with the sale of the premises. | | |
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| (3) Where any premises are sold in pursuance of an authorization under subsection (2), the Chairman of the Bank shall sign and issue a certificate of sale to the purchaser and thereupon the title of the owner of the premises shall vest in the purchaser, and the Chairman shall, after deducting from the sale proceeds all monies advanced by the Bank, interest thereon and other costs recoverable, pay the applicant the surplus, if any, less ten per centum to be credited to a contingencies fund for bad and doubtful debts. |
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| (4) The purchaser of any premises sold in pursuance of an authorization under subsection (2), shall, upon application being made to the District Court having jurisdiction over the place where the premises are situated, and upon production of certificate of sale issued in respect of the premises under subsection (3), be entitled to obtain an order for delivery of possession of the premises. |
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| (5) Every application under subsection (4) shall be made and shall be disposed of by way of summary procedure in accordance with the provisions of Chapter XXIV of the Civil Procedure Code.". |
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Sri Lanka Consolidated Acts