National Development Bank of Sri Lanka (Amendment) Act 1999

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Official translationFrom Department of Government Printing, unchanged

s 1Short title

This Act may be cited as the National Development

Bank of Sri Lanka (Amendment) Act, No. 34 of 1999.

s 2Amendment of section 6 of Act, No. 02 of 1979

Section 6 of the National Development Bank of Sri

Lanka Act, No. 02 of 1979 (hereinafter referred to as “the principal enactment”) is hereby amended by the insertion, immediately after paragraph (b) of that section, of the following paragraph :––

“(bb) to grant loans and advances to any individual ––

(i)

for the purchase or lease of any land for the construction of a dwelling house ;

(ii)

for the construction,repair, renovation or extention of a dwelling house ;

(iii)

for the purchase or lease of a dwelling house ;

(iv)

for any purpose incidental, accessory or ancillary to any of the purposes mentioned in sub-paragraph (i), (ii)or (iii) ; or

(v)

for the liquidating of any debt already incurred for any purpose mentioned in sub-paragraph (i), (ii), (iii) or (iv).”.

s 3Amendment of section 12 of the principal enactment

Section 12 of the principal enactment is hereby amended by the repeal of subsection (1) thereof and the subtitution of the following subsection therefor :––

“(1) The Board of Directors shall meet at least ten times in a year, and at least twice in every quarter, for the purpose of discharging its responsibilities under this Act”.

H-022545

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s 4Amendment of section 16 of the principal enactment

Section 16 of the principal enactment is hereby amended by the repeal of subsection (3) thereof and the subtitution of the following subsection therefor :––

“(3) the seal of the bank shall not be affixed to any instrument except in the presence of the General

Manager or the acting General Manager or the Deputy

General Manager or the Assistant General Manager and one Director, both of whom shall sign the instrument in token of their presence.”.

s 5Sinhala text to prevail in case of inconsistancy

In the event of any inconsistency between Sinhala and

Tamil texts of this Act, the Sinhala text shall prevail.