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srilawsby aturio
As enacted
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Part IV · Acquisition of Immovable and Mov,\ Ble Property and Sale of Lands Belonging to the Authority

32. Form of mortgage of land

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

(1)

Every mortgage of property executed in favour of the Authority as security for any loan shall be substantially in such form as approved by the Authority.

(2)

Any such mortgage as is referred to in subsection (1)

may include a covenant that a higher rate of interest than that on which the loan was granted shall be paid, if the borrower fails or neglects to make any payment due on account of interest, principal or otherwise under the mortgage in full and on the due date.

Urban Settlemellf Del'elopment Authority

Read on from s 33

Part VI

Recovery of Possession of Flats, Living Actommodation or Any Other Building Belonging to the Alltiiority by the Director General

Read on from Part VI