Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsAction by Board default is
| 3 Whenever default is made in the payment of any sum due on any loan, whether on account of principal or of interest or of both, default shall be deemed to have been made in respect of the whole of the unpaid portion of the loan and the interest doe thereon up to date; and the Board may in its discretion, take action as specified either in Section 5 or in section 4 ;Provided, however, that where the Board has in. any case taken action, or commenced to take action, in accordance with section 5, nothing shall be deemed to prevent the Board at any time from subsequently taking action in that case by resolution and section 4 if the Board deems. it advisable or necessary to do so, |