50.
| (1) If the amount of the whole of the unpaid portion of the loan together with all interest due thereon according to the terms of the mortgage, and of the moneys and costs, if any, recoverable by the Authority under section 54 is tendered to the Authority by the borrower or a person authorized by the borrower in that behalf before the date fixed for the sale of the land mortgaged to the Authority as security for the loans, that land shall not be sold and no further steps shall be taken in pursuance of the order under section 46 for the sale of that land. |
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| (2) If the amount of the instalment or other payment in respect of which default has been made, together with any interest due thereon according to the terms of the mortgage, and of the moneys and costs, if any recoverable by the Authority under section 54 is tendered to the Authority at any time by the borrower or by a person authorized by the borrower in that behalf before the date fixed for the sale of the land mortgaged to the Authority as security for the loan, the Authority may, in the discretion of the Authority, direct that such land shall not be sold and that no further steps shall be taken in pursuance of the order under section 46 for the sale of such land. |
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Sri Lanka Consolidated Acts