Recovery of Loans by Banks (Special Provisions) (Amendment) Act 2024

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Official translationFrom Department of Government Printing, unchanged

s 1Short title

This Act may be cited as the Recovery of Loans by

Banks (Special Provisions) (Amendment) Act, No. 26 of 2024.

s 2Insertion of new section 4A in Act, No. 4 of 1990

The following new section is hereby inserted immediately after section 4 of the Recovery of Loans by

Banks (Special Provisions) Act, No. 4 of 1990 and shall have effect as section 4A of that Act:-

4A. Notwithstanding the provisions of, the proviso to section 3 and section 4, the Board shall not authorize any person to sell by public auction any property mortgaged to the bank as security for any loan in respect of which default has been made, during the period commencing on the date of commencement this section and ending on 15th December, 2024.”.

s 3Sinhala text to prevail in the case of inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

“Temporary suspension of selling of any property by public auction

Recovery of Loans by Banks

(Special Provisions) (Amendment)

Act, No. 26 of 2024

Department of Government Printing