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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

42. Additional costs charged by the Authority

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

(l)

In addition to the amount due on any loan the

Authority may recover from the borrower or any person acting in that behalf -

(a)

all the moneys expended by the Authority in accordance with the covenants contained in the

22

Urban Settlemem Develop111e111 Authority mortgage bond executed by the person to whom the loan was made in the payment of premium and other charges under any policy of insurance effected in respect of the property mortgaged to the Authority and in the payment of all other costs and charges authorized by the aforesaid covenants to be incurred by the Authority ; and

(b)

the cost of advertising the sale and selling the mortgaged property :

Provided that the amount recovered as costs under paragraph (b) of this subsection shall not exceed such percentage of the loan as may be prescribed.

(2)

Where the Director-General on behalf of the Authority purchased the mortgaged property he shall pay out of the

Fund of the Authority the costs referred to in paragraph (a)

and (b) of subsection ( l) and he shall after such moneys and costs are recovered from the borrower under that subsection, credit to the Fund the amount so recovered .

Read on from s 43

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