Section No :

Legislative Enactments STATE MORTGAGE BANK Marginal Notes 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. 11. Remuneration of directors. 12. Disqualification and removal of directors. 13. Vacancies on the board. 14. Section - 14 15. Meetings. 16. Quorum.[ 8, 33 of 1968.] 17. Minutes. 18. Appointment and salary of general manager and deputy general manager.[ 9, 33 of 1968.] 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 Repealed [ 14, 33 of 1968.] 26. Repealed [ 14, 33 of 1968.] 27. Repealed [ 14, 33 of 1968.] 28. Repealed [ 14, 33 of 1968.] 29. Repealed [ 14, 33 of 1968.] 30. Repealed [ 14, 33 of 1968.] 31.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.] 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.