54.
| (1) In addition to the amount due on any loan, the Authority may recover from the borrower or any person acting on his behalf
| | (a) all moneys expended by the Authority in accordance with the covenants contained in the mortgage bond executed by the person to whom the loan was made, in the payment of premiums and other charges under any policy of insurance effected in respect of the land mortgaged to the Authority, and in the payment of all other costs and charges authorized by the aforesaid covenants to be incurred by the Authority ; and | | |
| | (b) the costs of advertising the sale of land and selling the mortgaged land : | | |
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| (2) Where the General Manager on behalf of the Authority purchases the mortgaged land, he shall pay out of the Fund of the Authority the costs referred to in paragraph (a) and (b) of subsection (1) and he shall, after such moneys and costs are recovered from the borrower under that subsection, credit to the Fund the amount so recovered. |
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Sri Lanka Consolidated Acts