Recovery of Loans by Banks (Special Provisions) (Amendment) Act 2011 · As enacted
3. Replacement of section 22 of the principal enactment
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 22 of the principal enactment is hereby repealed and the following section substituted therefor :—
22 “bank” means a licensed commercial bank or a licensed specialised bank within the meaning of the Banking Act, No. 30 of 1988
which is empowered to take possession of movable or immovable property which has been mortgaged to the bank as security for any loan, overdraft, advance or other accomodation and in respect of which default has been made.”.