| 1.
| | This Ordinance may be cited as the Ceylon State Mortgage Bank Ordinance. |
| 2.
| | Interpretation.
|
| 3.
| | Establishment of the bank. [ 2, 10 of 1947.] [ 3, 33 of 1968.] |
| 4.
| | Legal status of the bank.
|
| 5.
| | Head office of the bank.[ 4, 33 of 1968.] |
| 6.
| | The law governing the bank.
|
| 7.
| | Business of the bank. [ 5, 33 of 1968.] |
| 8.
| | The board of directors.
|
| 9.
| | Powers of board.
|
| 9A.
| | " Acts of the board not to be invalid by reason of any vacancy. |
| 10.
| | Directors' term of office.
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| 11.
| |
Remuneration of directors.
|
| 12.
| | Disqualification and removal of directors.
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| 13.
| |
Vacancies on the board.
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| 14.
| |
Section - 14 |
| 15.
| |
Meetings.
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| 16.
| |
Quorum.[ 8, 33 of 1968.]
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| 17.
| |
Minutes.
|
| 18.
| |
Appointment and salary of general manager and deputy general manager.[ 9, 33 of 1968.]
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| 19.
| | Powers of general manager and deputy general manager. |
| 20.
| | Subordinate officers.
|
| 21.
| | Valuators. [ 3, 24 of 1938.]
|
| 22.
| | Legal, & c. advisers. [ 12, 33 of 1968.] |
| 23.
| |
Agents.
|
| 24.
| |
Section - 24 |
| 25.
| | Repealed [ 14, 33 of 1968.]
|
| 26.
| | Repealed [ 14, 33 of 1968.]
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| 27.
| | Repealed [ 14, 33 of 1968.]
|
| 28.
| | Repealed [ 14, 33 of 1968.]
|
| 29.
| | Repealed [ 14, 33 of 1968.]
|
| 30.
| | Repealed [ 14, 33 of 1968.]
|
| 31.
| |
Security from officers.[ 15, 33 of 1968.]
|
| 32.
| |
Protection of
officers.
|
| 33.
| |
Disabilities of
directors, officers, and
servants.
[ 3, 10 of 1947.]
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| 34.
| |
Declaration of fidelity and secrecy.[ 16, 33 of 1968.]
|
| 35.
| |
Power to raise money on debentures.[ 17, 33 of 1968.]
|
| 36.
| | Form of debentures, and exemption from stamp duty.
[ 2, 21 of 1955.]
|
| 37.
| |
Certificate of Secretary to the Treasury to be conclusive proof of regularity of issue of debenture.
[ 4, 24 of 1938.]
|
| 38.
| |
Amount of each debenture, and rate of interest.
[ 3, 21 of 1955.]
|
| 39.
| |
Issue of
debentures in the name of a minor.
[ 5, 24 of 1938.]
|
| 40.
| |
Source for redemption of debentures.
|
| 41.
| |
Payment of
interest,
|
| 42.
| |
Payments in respect of debentures issued in the name of a minor.
[ 7, 24 of 1938.]
|
| 43.
| |
Redemption of debentures.
[ 5, 21 of 1955.]
|
| 44.
| |
Cesser of interest after repayment is available.
|
| 45.
| |
Transfer of debentures.
|
| 46.
| |
Register of debentures.
|
| 47.
| |
Validity of
transfer.
|
| 48.
| |
Transmission of debentures.
|
| 49.
| |
The register evidence of title.
|
| 50.
| |
Bank not to be affected with notice of trusts.
[ 4, 24 of 1939.]
|
| 51.
| | Kinds of business the bank is authorized to carry on and transact. [ 18, 33 of 1968.] |
| 52.
| | Power to grant additional loans in certain circumstances.[ 8, 24 of 1938.][ 19, 33 of 1968.] |
| 53.
| |
Requisites to be satisfied before loan is granted.[ 20, 33 of 1968.]
|
| 54.
| | Board's power to grant loans. [ 21, 33 of 1968.] |
| 55.
| | Withdrawal of the grant of a loan. |
| 56.
| |
Priority of charge created by loan.
|
| 57.
| |
Board's power to
investigate application of loan.
|
| 58.
| | [ 22, 33 of 1968.] Manner of repayment of loans. |
| 59.
| |
Recalling of loans.
|
| 60.
| |
Anticipation of payments.
[ 7, 24 of 1939.]
|
| 61.
| |
Change of security.
|
| 61A.
| | Action by board where default is made. [ 24, 33 of 1968.] |
| 61B.
| | Authorization of manager to take possession of mortgaged property.[ 24, 33 of 1968.] |
| 61C.
| | Procedure where manager is appointed. [ 24, 33 of 1968.] |
| 61D.
| | Authorization of sale of mortgaged property.[ 24, 33 of 1968.] |
| 61E.
| | Where borrower is dead. [ 24, 33 of 1968.] |
| 62.
| |
Special provisions relating to sale.
[ 8, 24 of 1939.][ 25, 33 of 1968.]
|
| 63.
| |
Recovery of expenses and costs incurred by the bank.
[ 10, 24 of 1938.]
|
| 64.
| |
Payment of excess.
[ 9, 10 of 1947.] [ 11, 24 of 1938.][ 27, 33 of 1968.]
|
| 65.
| |
Certificate of
sale.
[10, 10 of 1947.]
|
| 66.
| |
Order for delivery of
possession.
[ 9, 24 of 1939.] [ 9, 10 of 1947.]
|
| 67.
| |
Cancellation of sale.
[ 9, 10 of 1947.][ 29, 33 of 1968.]
|
| 68.
| |
Resale by bank.
[ 9, 10 of 1947.] [ 11, 10 of 1947.]
|
| 69.
| |
Limit of retention of property by the bank.[ 30, 33 of 1968.]
|
| 70.
| |
Meaning of property.
[ 13, 10 of 1947.]
|
| 70A.
| | Administration of this Chapter.[ 31, 33 of 1968.] |
| 70B.
| | Acquisition of certain premises.[ 31, 33 of 1968.] |
| 70C.
| | Acquisition procedure. [ 31, 33 of 1968.] |
| 70D.
| | Revocation of vesting Order. [ 31, 33 of 1968.] |
| 70E.
| | Notice to persons entitled to make claims to the compensation payable under this Chapter in respect of any premises vested in the bank.[ 31, 33 of 1968.] |
| 70F.
| | Provisions to be complied with by the chairman of the board on receipt of claims to compensation.[ 31, 33 of 1968.] |
| 70G.
| | Reference to the compensation tribunal for an award as to compensation in respect of any premises vested in the bank under this Chapter. [ 31, 33 of 1968.] |
| 70H.
| | Compensation in respect of premises vested in the bank under this Chapter.[ 31, 33 of 1968.] |
| 70J.
| | When compensation in respect of any vested premises accrues due.[ 31, 33 of 1968.] |
| 70K.
| | Proportionate payment of compensation.[ 31, 33 of 1968.] |
| 70L.
| | Interest on compensation. [ 31, 33 of 1968.] |
| 70M.
| | Right to compensation.[ 31, 33 of 1968.] |
| 70N.
| | Provisions for cases where compensation is not accepted &c.[ 31, 33 of 1968.] |
| 70P.
| | Constitution of compensation tribunal.[ 31, 33 of 1968.] |
| 70Q.
| | Meetings of the compensation tribunal. [ 31, 33 of 1968.] |
| 70R.
| | Proceedings before compensation tribunal.[ 31, 33 of 1968.] |
| 70S.
| | Power to summon witnesses, & c. [ 31, 33 of 1968.] |
| 70T.
| | Determination of the compensation tribunal. [ 31, 33 of 1968.] |
| 70U.
| | Compensation tribunal may regulate its procedure at meetings. [ 31, 33 of 1968.] |
| 70V.
| | compensation to be given an opportunity of being heard before the making of an award.[ 31, 33 of 1968.] |
| 70W.
| | Provisions in regard to evidence. [ 31, 33 of 1968.] |
| 70X.
| | An award as to compensation by the compensation tribunal on a reference.[ 31, 33 of 1968.] |
| 70Y.
| | Disposal of premises acquired by the bank under the preceding provisions of this Chapter. [ 31, 33 of 1968.] |
| 70Z.
| | Powers of entry, survey, & c.[ 31, 33 of 1968.] |
| 70AA.
| | Power of bank to call for returns. [ 31, 33 of 1968.] |
| 70BB.
| | Prohibition of act which diminishes the value of any premises to be rested in the bank under this Chapter. [ 31, 33 of 1968.] |
| 70CC.
| | Informality or irregularity. [ 31, 33 of 1968.] |
| 70DD.
| | Financial provisions. [ 31, 33 of 1968.] |
| 70EE.
| | Interpretation. [ 31, 33 of 1968.] |
| 70FF.
| | No application tinder section 70B (2) to be entertained on or after the date appointed by the Minister.[ 9, 16 of 1973.] |
| 71.
| | Accounts of the board.[ 32, 33 of 1968.] |
| 72.
| |
Repealed. [ 33, 33 of 1968.]
|
| 73.
| | Limitation on overdrawing of accounts. [ 34, 33 of 1968.] |
| 74.
| | Repealed.[ 35, 33 of 1968.] |
| 75.
| | Repealed.[ 35, 33 of 1968.] |
| 76.
| | Repealed.[ 35, 33 of 1968.] |
| 77.
| | Repealed.[ 35, 33 of 1968.] |
| 78.
| | Repealed.[ 35, 33 of 1968.] |
| 79.
| | Repealed.[ 35, 33 of 1968.] |
| 80.
| | Repealed.[ 35, 33 of 1968.] |
| 81.
| |
Restriction on investment of reserve fund in mortgage loans.
|
| 82.
| | Repealed.[ 36, 33 of 1968.] |
| 83.
| | Repealed.[ 36, 33 of 1968.] |
| 84.
| | Repealed.[ 36, 33 of 1968.] |
| 85.
| | Repealed.[ 36, 33 of 1968.] |
| 86.
| |
Keeping of books and
registers and safekeeping of securities.
|
| 87.
| | Repealed.[ 37, 33 of 1968.] |
| 88.
| |
Audit of accounts.
|
| 89.
| |
Auditor's rights and duties.[ 39, 33 of 1968.]
|
| 90.
| |
Auditor's statement, report, and
certificate.
|
| 91.
| |
Auditor's power to summon witnesses and call for documents.
|
| 92.
| | Rules made
by the board.[ 40, 33 of 1968.]
|
| 93.
| | Rules made by the board with the approval of the Minister.
|
| 94.
| | Rules
made by the Minister. |
| 95.
| | Liability as public servants of directors, members of branch boards, and employees.
|
| 96.
| | Forgery of debentures and interest coupons.
|
| 97.
| | False evidence.
|
| 98.
| | Liability of directors and valuators for participating in the sanctioning of certain loans.
[ 9, 10 of 1947.] [ 43, 33 of 1968.] |
| 99.
| | Repealed. [ 44, 33 of 1968.] |
| 100.
| | Minister's powers in case of mismanagement.
|
| 101.
| | Cost of proceedings. |
| 102.
| | Custody and affixing of common seal. [ 46, 33 of 1968.] |
| 103.
| | Penal interest in case of default.[ 47, 33 of 1968.] |
| 104.
| | Power to inspect valuation rolls of local rating authorities.[ 48, 33 of 1968.]
|
| 105.
| | Registered address and notices.
[10, 24 of 1939.]
|
| 106.
| | Loans to co-operative societies.
|
| 106A.
| | Chapter 81 and Act No. 10 of 1958, not to apply to the bank.[ 49, 33 of 1968.] |
| 107.
| | Date of establishment of bank.
|
| 108.
| | Directors first appointed.
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|