Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsLimit of retention of property by Bank
| 59. If at any sale under section 52 the Bank has purchased any property sold for default in the repayment of a loan the Bank shall not hold such property for a longer period than is necessary to enable the Board to resell the property for such a sum as will cover the total amount due to the Bank on account of loan, interest, expenses and costs: Provided that where such property consists of the interest of a lessee under a lease from the Crown, the Board may, instead of reselling such property, pay all sums of money due to the Crown by the lessee under the lease and surrender the lease to the Crown on such terms and conditions as may be agreed upon between the Board, the Minister and the Minister charged with the subject of Crown lands. |