State Mortgage And Investment Bank Law (No. 13 of 1975)

Sri Lanka Consolidated Acts

Liability of directors and valuers for participating In the sanctioning of certain loans

82.

(1) A director who participates in the discussion of, or votes upon, any resolution for the granting of a loan,-

	(a) to a person who is a debtor or a creditor of his or is in partnership with him or is in his employ; or

	(b) on the security of any property in which he has a pecuniary interest,

(2) A person who acts as valuer in respect of an application for a loan -

	(a) by a person to whom he stands in any of the relationships set out in subsection (1); or

	(b) on the security in which he has a pecuniary interest,