Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsAction by Board where default is made
| 47. 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 due thereon up to date; and the Board may, in its discretion, take action as specified either in section 48 or in section 50: Provided, however, that where the Board has in any case taken action, or commenced to take action, in accordance with section 48, nothing shall be deemed to prevent the Board at any time from subsequently taking action in that case by resolution under section 50 if the Board deems it advisable or necessary to do so. |