50.
| (1) If the mortgaged property is sold, the General Manager on a specific authorization by the Board of Directors, shall issue a certificate of sale and thereupon all the right, title and interest of the borrower to and in the property shall vest in the purchaser ; and thereafter it shall not be competent for any person claiming through or under any disposition whatsoever of the right, title or interest of the borrower to and in the property, made or registered after the date of the mortgage of the property to the Bank, in any court to move to invalidate the sale for any cause whatsoever or to maintain any right, title or interest to or In the property as against the purchaser. |
|
| (2) A certificate signed by the General Manager under subsection (1) shall be conclusive proof, with respect to the sale of any property, that all the provisions of this Act relating to the sale of that property have been complied with, |
|
| (3) If the purchaser is some person other than the Bank, the certificate shall be substantially in the Form A in the Schedule to this Act; if the purchaser is the Bank, the certificate shall be substantially in the Form B in the Schedule to this Act. |
|
| (4) Every certificate of sale shall be liable to stamp duty and charges as if it were a conveyance of immovable property and to any registration and other charges authorized by law, all of which shall be payable by the purchaser, |
|
|
Sri Lanka Consolidated Acts