59.
| (1) If the mortgaged property is sold, the Board shall sign a certificate of sale and thereupon all the right, title, and interest of the debtor to and in the property shall vest in the purchaser; and thereafter it shall not be competent for any person claiming through or under any disposition, whatsoever, of the right, title or interest of the debtor to and in the property, made or registered subsequent to the date of the mortgage of the property to the Bank, in any court to move to invalidate the sale for any cause whatsoever, or to maintain any right, title or interest to or in the property as against the purchaser. |
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| (2) A certificate signed by the Board under subsection (1) shall be conclusive proof, with respect to the sale of any property, that all the provisions of this Law relating to the sale of that property have been complied with. |
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| (3) If the purchaser is some person other than the Bank, the certificate shall be substantially in the prescribed form and, if the purchaser is the Bank, the certificate shall be substantially in such other form as may be prescribed. |
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| (4) Every certificate of sale shall be liable to stamp duty and charges as if it were a conveyance of immovable property and to any registration and other charges authorized by law, all of which shall be payable by the purchaser. |
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| (5) Where the property sold consists of the interest of a lessee under a lease from the State, then, if the purchaser of the property is some person other than the Bank, the certificate of sale shall not be signed by the Board unless the Land Commissioner, in the exercise of his discretion, has approved the purchaser. |
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| (6) Whenever the Land Commissioner refuses, under subsection (5), to approve any purchaser of the interest of a lessee under a lease from the State-
| | (a) all sums paid to the Bank by the purchaser in respect of the sale shall be repaid to him by the Board; | | |
| | (b) the costs of advertising and holding such sale shall be deemed to be costs recoverable by the Board under section 57; and | | |
| | (c) the property shall be resold in accordance with the provisions of this Law. | | |
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Sri Lanka Consolidated Acts