5.
| (1) Subject to the- provisions of Section 7 the Board may by resolution to be recorded in Willing authority person specified in the resolution to enter upon any immovable property mortgaged to the bank as security for any loan in respect of which default has been made or where the terms of any loan agreement are contravened in respect of such property to take possession of, and to manage and maintain such property, and to exercise the same powers in the control find management of such property as might have been exercised by the mortgagor if he had not made default, or contravened the- terms of such agreement. |
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| (2) Whenever any sum of money due on any loan granted for any agricultural or industrial undertaking on the security of any plant, machinery or other movable property to the bank is in default or where the terms of any loan agreement are contravened in respect of such property, the Board may authorize-any person specified in writing to enter and take possession of such agricultural or industrial undertaking in which such plant, machinery or other movable property is situate, and exercise the same power in the control and management of such under-talking as might have been exercised if such property had been pledged or mortgaged. |
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Sri Lanka Consolidated Acts