3. The following new section is hereby inserted immediately after section 50 of the principal enactment and shall have effect as section 50A of that enactment:-
| 50A.
| | (1) Where any person authorized under section 50 dies or is unable at any stage due to illness or any other cause to act under that section, the Board may, by resolution to be recorded in writing, authorize any other person, to sell by public auction such immovable or movable property mortgaged to the Bank as security for any loan in respect of which default has been made. | | |
| | (2) All acts and things done by the person authorized by the Board under section 50 in connexion with a sale by public auction prior to the date on which such other person was authorized under subsection (1), shall be deemed to be acts and things done by the person appointed under subsection (1) who shall take all necessary action to complete such sale.". | | |
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Sri Lanka Consolidated Acts