National Development Bank Of Sri Lanka (Amendment)

Link to law: http://www.lawnet.lk/process.php?st=1999Y0V0C34A&hword=%27%27&path=2
Published: 1999

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National Development Bank Of Sri Lanka (Amendment)
National Development Bank Of Sri Lanka (Amendment)




AN ACT TO AMEND THE NATIONAL DEVELOPMENT BANK OF SRI LANKA ACT, NO. 2 OF 1979








BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-



[7th October

, 1999 ]













Short title.



1. This Act may be cited as the National Development Bank of Sri Lanka (Amendment) Act, No. 34 of 1999.



Amendment of section 6 of Act No. 2 of 1979



2. Section 6 of the National Development Bank of Sri Lanka Act, No. 2 of 1979 (hereinafter referred to as "the principal enactment") is hereby amended by the insertion, immediately after paragraph (b) of that section, of the following paragraph :





''(bb) to grant loans and advances to any individual-





(i) for the purchase or lease of any land for the construction of a dwelling house ;



(ii) for the construction, repair, renovation or extension of a dwelling house ;



(iii) for the purchase or lease of a dwelling house ;



(iv) for any purpose incidental, accessory or ancillary to any of the purposes mentioned in sub-paragraph (i), (ii) or (iii); or



(v) for the liquidating of any debt already incurred for any purpose mentioned in sub-paragraph (i), (ii). (iii) or (iv).".



Amendment of section 12 of the principal enactment.



3. Section 12 of the principal enactment is hereby Amendment of amended by the repeal of subsection (1) thereof and the substitution of the following subsection therefor :-





"(1) The Board of Directors shall meet at least ten times in a year, and at least twice in every quarter, for the purpose of discharging its responsibilities under this Act".



Amendment of section 16 of the principal enactment.



4. Section 16 of the principal enactment is hereby amended by the repeal of subsection (3) thereof and the substitution of the following subsection therefor :-





"(3) the seal of the bank shall not be affixed to any instrument except in the presence of the General Manager or the acting General Manager or the Deputy General Manager or the Assistant General Manager and one Director, both of whom shall sign the instrument in token of their presence.".



Sinhala text to prevail in case of inconsistency.



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