Sri Lanka Consolidated Acts

National Development Bank Of Sri Lanka. Act (No. 2 of 2005)

TABLE OF PROVISIONS

           Long Title

   1.	   Short title and Date of operation  
   2.	   Establishment of the National Development Bank of Sri Lanka  
   3.	   Bank to be a body corporate  
   4.	   Head office and branch offices of the Bank  
   5.	   Purposes of the Bank  
   6.	   Powers of the Bank in carrying out its purposes  
   7.	   Special powers of the Bank in relation to officers, delegations, contracted, &c  
   8.	   Board of Directors  
   9.	   Powers, functions, &c. of the Board of Directors  
   10.	   Remuneration of Directors  
   11.	   Director to disclose interest in contracts proposed to be made by the Bank  
   12.	   Meetings of the Board of Directors, quorum and regulation of procedure  
   13.	   Delegation of powers and duties of the Board of Directors  
   14.	   Board of Directors may act despite a vacancy or defect  
   15.	   Chairman of the Board of Directors  
   16.	   Seal of the Bank  
   17.	   Agency  
   18.	   Appointment of Special Committees  
   19.	   Remuneration of members of Special Committees  
   20.	   Commencement of business  
   21.	   Capital of the Bank  
   22.	   Contributions to the capital of the Bank  
   23.	   Liability of shareholders  
   24.	   General borrowing powers of the Bank  
   25.	   Borrowing from the Government  
   26.	   Temporary borrowings from the Central Bank  
   27.	   Borrowing from foreign Governments, &c  
   28.	   National Development Bank Debentures and Stock  
   29.	   Government to guarantee repayments, &c  
   30.	   Government guarantee on foreign borrowings  
   31.	   Administered Resources Fund  
   32.	   Funds of the Bank  
   33.	   Utilization of the profits of the Bank  
   34.	   Exemption of Bank from income tax  
   35.	   Registered address of borrower  
   36.	   Security on which loans &c. may be granted by the Bank  
   37.	   Default of payment  
   38.	   Action by Board of Directors where default is made  
   39.	   Authorization of manager to take possession of mortgaged property  
   40.	   Procedure where manager is appointed  
   41.	   Authorisation of sale of mortgaged property  
   42.	   Where borrower is dead  
   43.	   Notice of resolution of Board of Directors to sell mortgaged property  
   44.	   Notice of sale  
   45.	   Payment before sale  
   46.	   Upset price  
   47.	   Default in respect of one of several loans on same property  
   48.	   Recovery of expenses and costs incurred by the Bank  
   49.	   Payment of balance  
   50.	   Certificate of sale  
   51.	   Order far delivery of possession  
   52.	   Cancellation of sale  
   53.	   Re-sale by the Bank  
   54.	   Financial year of the Bank  
   55.	   Audit  
   56.	   Documents to be transmitted to the Minister to be laid before Parliaments  
   57.	   Agreement for Participation  
   58.	   Application of this Part  
   59.	   Participant contribution to the capital of the Bank  
   60.	   Participants to be shareholders in Bank  
   61.	   Liquidation  
   62.	   Restriction of sale of shares of Participant  
   63.	   Valuation of Participant's shares  
   64.	   Payment for shares acquired by a shareholder  
   65.	   Certain written laws not to apply to the Bank  
   66.	   The Bank deemed to be a credit institution  
   67.	   Officers of the Bank to furnish security  
   68.	   No liability for damage or loss caused otherwise than by misconduct or wilful default  
   69.	   Declaration of secrecy  
   70.	   Right to refuse to answer questions  
   71.	   Receipts when valid  
   72.	   Contracts  
   73.	   Bills of exchange and promissory notes  
   74.	   Persons authorized to act on behalf of the Bank  
   75.	   Execution of deeds abroad  
   76.	   Rules  
   77.	   Offences  
   78.	   Special provisions relating to the shareholders  
   79.	   Minister to give directions  
   80.	   Interpretation