14. Amendment of section 40 of the principal enactment

Section 40 of the principal enactment is hereby amended by the insertion immediately after paragraph (b) of that section, of the following paragraph :—

“(c)

Every action or proceeding instituted by Housing

Development Finance Corporation of Sri Lanka

Limited under Part IX, (Chapter 401) of the National

Housing Act, No. 37 of 1954 and pending on the day preceeding the date on which the Housing

Development Finance Corporation of Sri Lanka

Limited is deemed to have been dissolved, shall, with effect from that day be deemed to be an action on proceeding instituted by the Corporation and every such action on proceeding may be proceeded with to completion and enforced according to the provisions of Recovery of Loans by Banks (Special

Provision) Act, No. 4 of 1990.

“Directions issued by the

Monetary

Board of the

Central Bank of Sri Lanka.

Housing Development Finance Corporation of