Sri Lanka Consolidated Acts

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People's Bank Act (No. 29 of 1961) - Sect 30

Certain provisions of the Agricultural and Industrial Credit Corporation Ordinance to apply in case of default of payment. Cap 402

30. Where under section 29 a default is deemed to have been made in respect of any sum, the provisions of sections 69 and 84 (both sections inclusive) of the Agricultural and Industrial Credit Corporation Ordinance shall apply for the purpose of the recovery of that sum in like manner as if those provisions were part of this Act, and in such application those provisions shall have effect as if-
(a) every reference therein to the " board " were a reference to the Board of Directors of the Bank;
(b) every reference therein to the " corporation" were a reference to the Bank;
(c) every reference therein to a "loan" were a reference to a loan or an overdraft or any other accommodation granted by the Bank;
(d) every reference therein to the "Ordinance" were a reference to this Act;
(e) the reference in section 73 of those provisions to " section 63 " were a reference to section 28 of this Act; and
(f) the reference in section 80 (3) of those provisions to " the form B in the Schedule " were a reference to " such form as may be prescribed ", and the reference in that section to " the form C in that Schedule " were a reference to " such form as may be prescribed ".


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