40. Notwithstanding the dissolution of the Housing Development Finance Corporation of Sri Lanka Ltd.-
| (a) every action or proceeding instituted by or against the Housing Development Finance Corporation of Sri Lanka Ltd., and pending in any court, whether original or appellate, on the day preceding the date on which the Housing Development Finance Corporation of Sri Lanka Ltd., is deemed to have been dissolved, shall be deemed with effect from that date to be an action or proceeding instituted by or against the corporation and every such action or proceeding may be proceeded with to completion and enforced accordingly ; |
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| (b) every decree, order or award entered or made in favour of or against the Housing Development Finance Corporation of Sri Lanka Ltd., by any court or tribunal in any action, matter, proceeding or thing and remaining unsatisfied on the day preceding the date on which the Housing Development Finance Corporation of Sri Lanka Ltd., is deemed to have been dissolved, shall with effect from that date be deemed to be a decree, order or award entered or made in favour of or against the Corporation and may be enforced accordingly. |
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Sri Lanka Consolidated Acts