View All - 1979 Acts
Section No :  
Acts & Ordinances
Marginal Notes
1. This Act may be cited as the National Development Bank of Sri Lanka Act, No. 2 of 1979, and shall come into operation on a date (hereinafter referred to as the " appointed date ") to be appointed by the Minister by Order published in the Gazette.
2. Establishment of the National Development Bank of Sri Lanka.
3. Bank to be a body corporate
4. Head office and branch offices of the Bank.
5. Purposes of the Bank.
6. Powers of the Bank in carrying out its purposes.
7. Special powers of the Bank in relation to officers, delegations, contracted, &c.
8. Board of Directors.
9. Powers, functions, &c. of the Board of Directors.
10. Remuneration of Directors.
11. Director to disclose interest in contracts proposed to be made by the Bank.
12. Meetings of the Board of Directors, quorum and regulation of procedure.
13. Delegation of powers and duties of the Board of Directors.
14. Board of Directors may act despite a vacancy or defect.
15. Chairman of the Board of Directors.
16. Seal of the Bank.
17. Agency.
18. Appointment of Special Committees.
19. Remuneration of members of Special Committees.
20. Commencement of business.
21. Capital of the Bank.
22. Contributions to the capital of the Bank.
23. Liability of shareholders.
24. General borrowing powers of the Bank.
25. Borrowing from the Government.
26. Temporary borrowings from the Central Bank.
27. Borrowing from foreign Governments, &c.
28. National Development Bank Debentures and Stock.
29. Government to guarantee repayments, &c.
30. Government guarantee on foreign borrowings.
31. Administered Resources Fund.
32. Funds of the Bank.
33. Utilization of the profits of the Bank.
34. Exemption of Bank from income tax.
35. Registered address of borrower.
36. Security on which loans &c. may be granted by the Bank.
37. Default of payment.
38. Action by Board of Directors where default is made.
39. Authorization of manager to take possession of mortgaged property.
40. Procedure where manager is appointed.
41. Authorisation of sale of mortgaged property.
42. Where borrower is dead.
43. Notice of resolution of Board of Directors to sell mortgaged property.
44. Notice of sale.
45. Payment before sale.
46. Upset price.
47. Default in respect of one of several loans on same property.
48. Recovery of expenses and costs incurred by the Bank.
49. Payment of balance.
50. Certificate of sale.
51. Order far delivery of possession.
52. Cancellation of sale.
53. Re-sale by the Bank.
54. Financial year of the Bank.
55. Audit.
56. Documents to be transmitted to the Minister to be laid before Parliaments.
57. Agreement for Participation.
58. Application of this Part.
59. Participant contribution to the capital of the Bank.
60. Participants to be shareholders in Bank.
61. Liquidation.
62. Restriction of sale of shares of Participant.
63. Valuation of Participant's shares.
64. Payment for shares acquired by a shareholder.
65. Certain written laws not to apply to the Bank.
66. The Bank deemed to be a credit institution.
67. Officers of the Bank to furnish security.
68. No liability for damage or loss caused otherwise than by misconduct or wilful default.
69. Declaration of secrecy.
70. Right to refuse to answer questions.
71. Receipts when valid.
72. Contracts.
73. Bills of exchange and promissory notes.
74. Persons authorized to act on behalf of the Bank.
75. Execution of deeds abroad.
76. Rules.
77. Offences.
78. Special provisions relating to the shareholders.
79. Minister to give directions.
80. Interpretation.