View All - 1975 Acts Section No : Acts & Ordinances STATE MORTGAGE AND INVESTMENT BANK LAWMarginal Notes1. This Law may be cited as the State Mortgage and Investment Bank Law, No. 13 of 1975, and shall come into operation on such date as may be appointed by the Minister by Order published in the Gazette (in this Law referred to as the "appointed date").2. Establishment of the State Mortgage and Investment Bank. 3. Members of the Bank. 4. Head office of the Bank. 5. The law governing the Bank. 6. Business of the Bank. 7. Board of Directors. 8. Powers of the Board. 9. Acts of the Board not to be invalid by reason of any vacancy. 10. Director's term of office. 11. Remuneration of directors. 12. Disqualification and removal of directors. 13. Vacancies on the Board. 14. Chairman oil the Board. 15. Meetings. 16. Quorum. 17. Disclosure of interest by a director. 18. Minutes. 19. Powers of Minister to issue directions to the Board. 20. Appointments and powers of the General Manager. 21. Employees. 22. Advisers, &c. 23. Agents. 24. Security from employees. 25. Protection of employees. 26. Reimbursement for expenses incurred on behalf of the Bank. 27. No director or employee of the Bank to guarantee loans. 28. Restrictions on loans to directors. 29. Declaration of secrecy. 30. Right to refuse to answer questions. 31. Kinds of business the Bank is authorized to carry on and transact. 32. Board's power to grant loans. 33. Withdrawal of the grant of a loan. 34. Board's power to investigate application of loan. 35. Recalling of loans. 36. Change of security. 37. Capital of the Bank and the power to raise money. 38. State Mortgage and Investment Bank debentures, securities, stocks and shares. 39. Exemption of debentures from stamp duty. 40. Charge upon Consolidated Fund. 41. Government; to guarantee. 42. Priority of charge created by loan. 43. Special provisions relating to loans given by the Back. 44. Anticipation of payments. 45. Funds of the Bank. 46. Utilization of the profits of the Bank. 47. Action by Board where default is made. 48. Authorization of manager to take possession of mortgaged property. 49. Procedure where manager is appointed. 50. Authorization of sale of mortgaged property. 51. Where borrower is dead. 52. Notice of resolution. 53. Notice of sale. 54. Payments before sale. 55. Upset price. 56. Default in respect of one of several loans on same property. 57. Recovery of expenses and costs incurred by the bank. 58. Payment of excess. 59. Certificate of sale. 60. Order for delivery of possession. 61. Cancellation of sale. 62. Resale by the Bank. 63. Limit of retention of property by the Bank. 64. Meaning of property. 65. Applicability of Finance Act, No. 38 of 1971. 66. Custody and affixing of common seat. 67. Certain written law not to apply to the . Bank 68. The Bank deemed be a banking institution under the Monetary Law Act. 69. Receipt when valid. 70. Contracts. 71. Bills of exchange and promissory notes. 72. Persons authorized to act on behalf of the Bank. 73. Execution of deeds abroad. 74. Rules made by the Board. 75. Regulations made by the Minister. 76. Penal interest in case of default. 77. Power to recall loan on change of ownership of security. 78. Power to inspect valuation rolls of local rating authorities. 79. Liability as state officers of directors and employees. 80. Forgery of debentures. 81. False evidence. 82. Liability of directors and valuers for participating In the sanctioning of certain loans. 83. Offences. 84. Registered address and notices. 85. Repeal of certain enactments. 86. Interpretation.