54.
| (1) If the amount of the whole of the unpaid portion of the loan, together with interest including any penal or other interest payable under the proviso to section 76 due thereon, and of the moneys and costs, if any, recoverable by the Board under section 57 is tendered to the Board at any time before the date fixed for the sale, the property shall not be sold., and no further steps shall be taken in pursuance of the resolution under section 50 for the sale of that property. |
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| (2) If the amount of the instalment or equated payment or other payment in respect of which default has been made, together with any penal or other interest payable under the proviso to section 76 due thereon, and of the moneys and costs, if any, recoverable by the Board under section 57 is tendered to the Board at any time before the date fixed for the sale, the Bank may in its discretion direct that the property shall not be sold and that no further steps shall be taken in pursuance of the resolution under section 50 for the sale of that property. |
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Sri Lanka Consolidated Acts