Sri Lanka Consolidated Acts

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National Development Bank Of Sri Lanka. Act (No. 2 of 2005) - Sect 38

Action by Board of Directors where default is made

38.
(1) Where under the provisions of this Act, default is made or is deemed to have been made in respect of the whole of the unpaid portion of any loan and the interest due thereon, the Board of Directors may, in its discretion take action as specified either in section 39 or in section 41:
(2) For the purposes of this section and sections 39 to 53, the term " loan " means a loan or an advance or any other accommodation granted by the Bank.

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