7. The following new section is hereby inserted immediately after section 96, and shall have effect as section 96A. of the principal enactment: -
| 96A. Every application made to the Ceylon State Mortgage Bank under section 70B (2) of the Ceylon State Mortgage Bank Ordinance, as amended by Act No. 33 of 1968, other than an application in consequence of which any premises have been let to any person under section 70Y of that Ordinance, shall be deemed to be an application made to the People's Bank under section 71(2) of this Act, and accordingly,-
| | (1) any determination made by the Ceylon State Mortgage Bank under section 70B(6) of that Ordinance in respect of any such application made to it, shall be deemed to be a determination made by the People's Bank under section 71(8) of this Act; | | |
| | (2) any premises vested in the Ceylon State Mortgage Bank under section 70C(3) of that Ordinance in consequence of any such application made to it, shall be deemed to be vested in the People's Bank under section 72(3) of this Act; | | |
| | (3) any award made under section 70x of that Ordinance by the Compensation Tribunal established under that Ordinance, in consequence of any such application made to the Ceylon State Mortgage Bank, shall be deemed to be an award made under section 90 of this Act by the Compensation Tribunal established under this Part of this Act, and | | |
| | (4) all such further action, proceedings or steps as are required to be taken by the Ceylon State Mortgage Bank under the provisions of that Ordinance in respect of any such application made to that Bank as is by virtue of the provisions of this section deemed to be an application made to the People's Bank, shall be taken by the People's Bank under the corresponding provisions of this Act.". | | |
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Sri Lanka Consolidated Acts