Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsLimit of retention of property by the Bank
| 63. If at any sale in pursuance of the preceding provisions of this Law, the Bank has purchased any property sold for default in the repayment of a loan, the Bank shall not hold such property for a longer period than it is necessary to enable the Bank to resell the property for such a sum as will cover the total amount due to the Bank on account of loan, interest, expenses and costs: Provided that where such property consists of the interest of a lessee under a lease from the State, the Board may, instead of reselling such property; surrender the lease to the State on such terms and conditions as may be agreed upon between the Board, the Minister and the Minister in charge of the subject of State lands. |