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Short title
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1. This Act may be cited as the People’s Bank (Amendment) Act, No. 32 of 1986.
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Replacement of sections 4 and 5 of Act No. 29 of 1961.
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2. Sections 4 and 5 of the People’s Bank Act, No. 29 of 1961 (hereinafter referred to as the” principal enactment “) of are hereby repealed and the following section substituted therefore ; –
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Purposes of the bank.
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4. The purposes of the Bank shall be
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(1) to develop and assist
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(a) the Co-operative Movement of Sri Lanka;
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(2) to carryon the business of a
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Powers of the Bank.
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5.
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(1) In carrying out its purposes, the Bank may exercise, perform and do all or any of the following powers, acts and things, subject however to the restrictions, qualifications and limitations set out in subsection (3) and (4) of this section:
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(a) to establish, carry on, develop and extend in Sri Lanka and elsewhere the business of banking within all its branches and departments;
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(b) to grant short-term, medium-term and long-term loans, overdrafts, advance. and other accommodations;
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(c)
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(i) to open, maintain and manage current, deposit savings and other accounts;
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(ii) to discount, buy, sell and deal in bills of exchange, promissory notes, hoondies, poorjas, coupons, drafts, bills of lading warrants, debentures, certificates, scrip and other instruments and securities, whether transferable or negotiable or not transferable or not negotiable;
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(iii) to grant and issue letters of credit and circular notes;
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(iv) to buy, sell and deal in bullion and specie and engage in operations in exchange;
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(v) to negotiate loans and advances, to receive money, securities and valuables on deposit, or for safe custody, or otherwise;
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(vi) to collect and transmit money and securities;
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(d) to manage property and transact any kind of agency business which is normally transacted by bankers ;
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(e) to borrow or raise money in such manner as the Bank shall think fit, and to secure the repayment of any money borrowed, raised or owing by mortgage, charge or lien upon the whole or any part of the bank’s property or assets whether present or future including its uncalled capital, and also by a similar mortgage, charge or lien to secure and guarantee the performance by the bank of any obligation or liability it may undertake;
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(f) to lend and advance money, securities and property or give credit to such persons, firms or companies and on such terms as may seem expedient and either with or without security, and if with security, upon such security and with such conditions ; as may from time to time be deemed to be advisable;
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(g) to buy, sell, invest, underwrite, deal in and dispose of stocks, shares, debentures, mortgages, bonds, or securities issued or guaranteed by the Government of Sri Lanka or by any company or corporation registered or having its principal place of business in Sri Lanka:
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Provided, however, that the Bank. shall not enter into any transaction affecting the stocks, shares, debentures, mortgages, bonds or securities issued or guaranteed by any such company or corporation except on the recommendation of the General Manager of the Bank and with the approval of the Directors of the Bank given by a resolution passed by not less than three-fifths of such Directors at a meeting of them at which anyone of them who, or whose wife or dependent child, is a director or shareholder of that company or corporation shall not be present during the consideration of the resolution and shall not vote on the resolution;
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(h) to purchase, take on lease or in exchange, hire, or otherwise acquire. any immovable or movable property and any rights or privileges;
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(i) to mortgage, pledge, sell, give on lease or otherwise dispose of any immovable or movable property;
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(j) to enter into any arrangement for sharing profits, union of interest, co-operation, joint adventure, reciprocal concession or otherwise with any person or company carrying on or engaged in any business or transaction which the Bank is authorized to carryon or engage in ;
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(k) to undertake and execute any trust. the undertaking whereof may seem desirable, and also to undertake the office of executor, administrator, receiver, treasurer, or registrar, and to keep for any company, Government, authority or body, any register relating to any stocks, funds, shares or securities, or to undertake any duties in relation to the registration of transfers, the issue of certificates, or otherwise;
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(l) to establish and support or aid in the establishment and support of associations, institutions, trusts, provident. funds, schemes for the providing of pensions and of guarantee and other funds and conveniences calculated to benefit employees or ex-employees of the Bank or the dependents,. heirs of such persons and to grant pensions and allowances, and to make payments towards insurance, and to subscribe or guarantee money for charitable or benevolent objects or for any exhibition or for any public general or useful object;
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(m) to construct buildings, on any land belonging to or taken on lease by the bank, and to improve, manage. develop, exchange, lease, mortgage, dispose of, sell, turn to account or otherwise deal with all or any part of the property and rights of the bank ;
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(n) to do all or any of the above things in Sri Lanka or outside Sri Lanka as principals, agents, contractors”, trustees or otherwise and by or through trustees, agents or otherwise either by itself or in conjunction with others;
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(o) to take or agree to take all such steps and proceedings as may seem expedient for the purpose of upholding and supporting the credit of the bank, and to obtain and justify public confidence and to avert or minimize financial disturbances which might affect the bank;
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(p) to facilitate the registration or recognition of such Bank in any country outside Sri Lanka;
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(q) to give any guarantee or indemnity and to enter into any arrangements with any Government or any Inca! authority in order to obtain any rights, concessions and privileges which are necessary for the exercise of its powers by the Bank;
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(r) to form any company for carrying on any business the Bank is permitted to engage in, or for assisting or developing any business, or for enhancing the value of any property of the Bank, and to acquire and, undertake the business of, purchase any interest in, or acquire or hold shares of stock in, any company having objects similar to those for which the bank is authorized to. form any company;
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(s) to employ such officers and servant. as may be necessary for carrying out the work of the Bank;
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(t) to make rules in respect of the conditions of service and for the disciplinary control of the officers and servants of the Bank;
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(u) to enter into contracts;
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(v) to carryon the business of a pawnbroker subject to such conditions as may be prescribed;
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(w) to provide technical assistance to any person to whom the Bank. grants any loan, overdraft, advance or other accommodation and to undertake or sponsor the training of persons in assessing the value of land and the creditworthiness of borrowers, in assaying gold, in banking and in finance;
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(x) to guarantee loans raised or to be raised by industrial, and agricultural enterprises from approved credit institutions;
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(y) to acquire and undertake the whole or any part of the banking and discount business of any person or company carrying on business which the Bank is authorized to carryon:
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Provided, however, that the above-mentioned powers shall be exercised subject to the approval of at least four Directors ‘of the Bank given after considering the written observations of the General Manager of the Bank, and with the prior written approval of the Minister ;
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(z) to sell, dispose of the entire undertaking of the Bank or any part thereof, for such consideration as the Bank may think fit, and in particular for shares, debentures or securities of any other bank or to amalgamate the Bank’s business with that of any other Bank :
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Provided, however, that the above-mentioned powers shall be exercised subject to the approval of at least four Directors of the Bank given after considering the written observations of the General Manager of the Bank and with the prior written approval of the Minister;
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(aa) to engage in hire-purchase business receive discounts, commissions and other remunerations; and
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(bb) to do all things incidental or conducive to achieve all or any of its objects, or necessary or for the exercise of its powers.
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(2) The provisions of subsection (1) shall not, except where the context expressly so requires, be in any way limited or restricted by reference to, or inference from the provisions contained in any other paragraph or any power therein specified, and the powers thereby conferred shall not be deemed merely subsidiary or auxiliary to the powers mentioned in subsection (1) but the bank shall, except when the context expressly requires otherwise, have full powers to exercise all or any of the powers conferred by any paragraph of subsection (1) within Sri Lanka or in any country outside Sri Lanka.
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(3) The funds of the Bank shall not be carried on subject to the following restrictions and qualifications:
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(a) the funds of the Bank shall not be expended in the purchase of or dealing in its own shares, nor shall such funds be lent upon the security of its own shares.
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(b) no loan, overdraft, advance or other accommodation shall be granted by the Bank on the guarantee of an employee of the Bank to any person except to another employee of the Bank.
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(4) All the powers contained in subsections (1) and (2) shall be read and construed subject to the restrictions and qualifications set out in subsection (3), and in case of conflict or inconsistency the provisions of subsection (3) of this section shall prevail.
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(5) The Pawnbrokers Ordinance (Chapter 90) shall not apply to the Bank when the Bank carries on the business of a pawnbroker. “.
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Replacement of section 29 of the principal enactment
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3. Section 29 of the principal enactment is hereby repealed and the following section substituted therefor:
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Default of payment and penal Interest in case of default.
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29.
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(1) Where default is made in the payment of any sum due on any loan, overdraft, advance or other accommodation granted by the Bank on the mortgage of movable or immovable property, whether that sum is due on account of principal or interest or both, default shall be deemed to have been made in respect of the portion that remains unpaid of that loan, overdraft, advance or other accommodation and the interest due thereon upto date of default.
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(2) Any instrument to secure a loan by the Bank may provide that if the borrower fails or neglects to pay, on the due date, the instalment and interest or to make the equated or other payment, as the case may be, then due in respect of the loan, then interest shall be payable on the loan at such rate in excess of that at which the loan has been granted as may be prescribed:
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Provided, however, that the Board may, in its absolute discretion, waive the payment of interest at the prescribed rate referred to in the preceding provisions of this section, and may, in lieu thereof, determine that interest up to double the agreed rate shall be payable on the instalment in default, for the period commencing on the date on which the instalment was due and ending on the date on which the instalment was paid. ” .
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Insertion of new section 29A to 29r of the Principal enactment
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4. The following new sections are hereby inserted immediately after section 29, of the principal enactment and shall have effect as sections 29A, 29B, 29c, 29D, 29E, 29F, 29G, 29H, 29J, 29K, 29L, 29M, 29N, 29P, 29Q, 29R, 29S, and 29T, of that enactment :
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Action by Board here default is made.
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29A. Whenever default is made in the payment of any sum due on any loan, whether on account of principal or of interest or of both, default shall be deemed to have been made in respect of the whole of the unpaid portion of the loan and the interest due thereon up to date; and the Board may, in its discretion, take action as specified either in section 29B or in section 29D :
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Provided, however, that where the Board has in any case taken action, or commenced to take action, in accordance with section 29B, nothing shall be deemed to prevent the Board at any time from subsequently taking action in that case by resolution under section 29D if the Board deems it advisable or necessary to do so.
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Authorization of Manager to take possession of mortgaged property
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29B.
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(1) Subject to the provisions of section 29E the Board may by resolution to be recorded in writing authorize , any person specified in the resolution to enter upon any immovable property mortgaged to the Bank as security for any loan in respect of which default has been made or where the terms of any loan agreements are contravened in respect of such property to take possession of and to manage and maintain such property, and to exercise the same powers in the control and management of such property as might have been exercised by the mortgager if he had not made default, or contravened the terms of such agreement.
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(2) Whenever any sum of money due on any loan granted for any agricultural or Industrial undertaking on the security of any plant, machinery or other movable property to the Bank is in default, or where the terms of any loan agreements are contravened in respect of such property, the Board may authorize any person specified in writing to enter and take possession of such agricultural or industrial undertaking in which such plant, machinery or other movable property is situate, and exercise the same power in the control and management of such undertaking as might have been exercised if such immovable property had been pledged or mortgaged.
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Procedure where manager is appointed
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29C.
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(1) Any person authorized by resolution of the Board under section 29B in respect of any property shall be entitled generally to take action in terms of the resolution and in particular
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(a) to sell the produce of such property;
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(b) to sell the goods manufactured wholly or partly from any plant or machinery, on the security of which any loan was granted, if default has been made in respect of such loan ;
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(c) to receive the rents, profits or other income from such property;
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(d) to pay the expenses incurred in the control and management of such property; out of the income from such property;
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(e) to appropriate to himself out of such income such sum (if any) as the Board may deem fit to fix as remuneration for his services;
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(f) to remain in possession of such property until all moneys due to the bank under the mortgage on such property have been fully paid or until he is directed by the Board to yield possession of such property under subsection (2).
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(2) Every person authorized by resolution of the Board under section 29B in respect of any property shall
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(a) pay monthly, out of the income of such property such sum (if any) as the Board may in its discretion fix, to the mortgager for his maintenance;
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(b) pay quarterly or as otherwise directed by the Board to such person or persons and in such manner as the Board may direct the balance of the income from such property remaining after the payments herein before authorized have been made;
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(c) keep and render to the Board at such intervals as the Board may determine, clear and accurate records of all sums received or paid out by him in respect of such property;
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(d) yield possession of such property to the mortgagor or some other person as directed by the Board and pay to the Board any balance of the income from such property remaining in his hands after the payments herein before authorized have been made,
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(3) The Board shall when all sums due to the Bank under the mortgage have been fully paid surrender possession of the mortgaged property to the mortgager and return to him. any balance remaining of the income from such property.
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Authorization of sale of mortgaged property.
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29D. Subject to the provisions of section 29E, the Board may by resolution to be recorded in writing authorize any person specified in the resolution to sell by public auction any immovable or movable property mortgaged to the Bank as security for any loan in respect of which default has been made in order to recover the whole of the unpaid portion of such loan, and the interest due thereon up to the date of the sale” together with the moneys and costs recoverable under section 29L and thereafter it shall not be competent for the borrower or any person claiming through or under any disposition whatsoever of the right, title or interest of the borrower to and in the property made or registered subsequent to the date of the mortgage to the Bank, in any court to move to invalidate the said resolution for any cause whatsoever, and no court shall entertain any such application.
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Where borrower is dead,
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29E.
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(1) Save as otherwise provided in subsection (2), the provisions of section 29B and 29D shall apply in the case of any default notwithstanding that the borrower may have died or that any right, title or interest whatsoever in the property mortgaged to the Bank as security for the loan may have passed by the voluntary conveyance or operation of law to any other person.
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(2) Where a borrower is dead and probate of his will or letters of administration to his estate have not been issued to any person, the District Court of Colombo or the District Court of the district in which the property, mortgaged to the Bank by the borrower, is situate, may, upon application made in that behalf by the Board and after service of notice of the application on such persons, if any, as the court may order, and if satisfied that the grant of probate or the issue of letters of administration is likely to be unduly delayed, appoint a person to represent the estate of the borrower for the purposes of this section; and the provisions of sections 29B and 29D shall not apply in the case of any default made by such borrower unless and until a person is appointed under this subsection to represent the estate of such borrower.
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Notice of resolution.
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29F. Notice of every resolution under section 29D authorizing the sale of any property shall be published in the Gazette and in a daily newspaper, and copies of such notice shall be dispatched to the borrower, if he is alive, and to every person who has, in respect of that property, registered his address as required by law and, if that property consists of the interest of a lessee under a lease from the State, to the Land Commissioner.
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Notice of Sale.
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29G. Notice of the date, time and place of every sale shall, not less than fourteen days before the date fixed for the sale be published in the Gazette and copies of such notice shall be-
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(a) dispatched to the borrower, if he is alive, and to every person to whom notice of any resolution is required to be dispatched under section 29F ;
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(b) posted on or near the property which is to be sold.
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Payment before sale.
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29H.
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(1) If the amount of the whole of the unpaid portion of the loan, together with interest including any penal or other interest payable, (under the proviso to subsection (2) of section 29 due thereon) and of the moneys and costs if any, recoverable by the Board under section 29L is tendered to the ..board at any time before the date fixed for the sale, the property shall not be sold, and no further steps shall be taken in pursuance of the resolution under section 29D for the sale of that property.
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(2) If the amount of the instalment or equated payment or other payment n respect of which default has been made. together with any penal or other interest payable, (under the proviso to subsection (2) of section 29 due thereon) and of the moneys and costs, if any recoverable by the board under section 29L is tendered to the Board at any time before the date fixed for the sale, the Bank may in its discretion direct that the property shall not be sold and that no further steps shall be taken in pursuance of the resolution under section 29D for the sale of that property.
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Upset price.
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29J. The Board may fix an upset price below which the property shall not be sold to any person other than the Bank.
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Default in respect of one of several loans on same property.
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29K.
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(1) In any case where two or more loans have been granted by the Bank on the security of the same property and default is made in the payment of any sum due upon anyone or more of such loans, the foregoing provisions of this Act shall apply notwithstanding that default may not have been made in respect of the other loan or any of the other loans, and the Board may, in any such case, by resolution under section 29D authorize the sale of the property for the recovery of the total amount due to the bank in respect of both or all of the loans, as the case may be, and the provisions of this Part . of this Act shall apply accordingly.
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(2) Nothing in sections 29A to 29K (both sections inclusive) shall preclude the Board from recovering the amount due on a mortgage bond in accordance with the provisions of any other written Law.
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Recovery of expenses and costs incurred by the bank.
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29L. Besides the amount due on any loan, the Board may recover from the debtor, or any person acting on his behalf
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(a) all moneys expended by the Bank, in accordance with the covenants contained in the mortgage bond executed by the person to whom the loan was granted, in the payment of premiums and other charges in respect of any policy of insurance effected on the property mortgaged to the Bank, and in the payment of all other costs and charges authorized to be incurred by the Bank, under the covenants contained in such mortgage bond and executed by the debtor;
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(b) the costs of advertising the sale and of selling the mortgaged property; and
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(c) in any case where the property mortgaged as security for the loan consists of the interest of the debtor under a lease from the State, and such property has been surrendered to the State in accordance with the provisions of section 29s, all moneys paid to the State by the Board on such surrender as moneys due to the State by the Board on such surrender as moneys due to the State by the debtor under the said lease:
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Provided that the costs incurred under paragraph (b) shall not exceed such percentage of the loan as may, from time to time, be fixed by resolution of the Board.
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Payment of excess,
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29M. If the mortgaged property is sold, the Bank shall, after deducting from the proceeds of the sale the amount due on the mortgage and the moneys and costs recoverable under section 29L, pay the balance remaining, if any, either to the debtor or any person legally entitled to accept the payments due to the debtor or where the Board is in doubt as to whom the money should be paid into the District Court of the district in which the mortgaged property is situate.
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Certificate of sale.
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29N.
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(1) If the mortgaged property is sold, the Board shall issue a certificate of sale and thereupon all the rights, title, and interest of the debtor to and in the property shall vest in the purchaser; and thereafter it shall not be competent for any person claiming through or under any disposition, whatsoever, of the right, title or interest of the debtor to and in the property made or registered subsequent to the date of the mortgage of the property to the Bank, in any court to move or invalidate the sale for any cause whatsoever, or to maintain any right title or interest to or in the property as against the purchaser.
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(2) A certificate signed by the Board under subsection (1) shall be conclusive proof, with respect of the sale of any property, that all the provisions of this Act relating to the sale of that property have been complied with.
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(3) If the purchaser is some person other than the Bank, the certificate shall be substantially in the prescribed form and, if the purchaser is the Bank, the certificate shall be: substantially in such other form as may be prescribed.
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(4) Every certificate of sale shall be liable to stamp duty and charges as if it were a conveyance of immovable property and to any registration and other charges authorized by law, all of which shall be payable by the purchaser.
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(5) Where the property sold consists of the interest of a lessee under a lease from the State, then, if the purchaser of the property is some person other than the Bank, the certificate of sale shall not be signed by the Board unless the Land Commissioner, in the exercise of his discretion, has approved the purchaser.
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(6) Whenever the Land Commissioner refuses, under subsection (5), to approve any purchaser of the interest of a lessee under a lease from the State
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(a) all sums paid to the Bank by the purchaser in respect of the sale shall be repaid to him by the Board;
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(b) the costs of advertising and holding such sale shall be deemed to be costs recoverable by the Board under section 29L ; and
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(c) the property shall be resold in accordance with the provisions of this Act.
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Order for delivery of possession.
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29p.
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(1) The purchaser of any immovable property sold in pursuance of the preceding provisions of this Act shall, upon application made to the District Court of Colombo or the District Court having jurisdiction over the place where that property is situate, and upon production of the certificate of sale issued in respect of that property under section 29 N, be entitled to obtain an order for delivery of possession of that property.
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(2) Every application under subsection (1) shall be made, and shall be disposed of, by way of summary procedure in accordance with the provisions of Chapter XXIV of the Civil Procedure Code; and on all documents field for the purpose of each such application and on all proceedings held thereupon. stamp duties and other charges shall be payable at the respective rates payable under any written law for the time being in force, on application for, and proceedings connected with or incidental to, the execution of a decree of a District Court for the delivery of possession of any immovable property of the same value as the property to which such application relates.
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(3) Where any immovable property sold in pursuance of the preceding provision:; of this Act in the occupancy of the debtor or of some person on his behalf or of some person claiming under a title created by the debtor subsequently to the mortgage of the property to the Bank, the District Court shall order delivery to be made by putting the purchaser or any person whom he may appoint to receive possession on his behalf, in possession of the property.
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(4) Where any immovable property sold in pursuance of the preceding provisions of this Act is in the occupancy of a tenant or other person entitled to occupancy same, the District Court, shall order delivery to be made by affixing a notice that the sale has taken place, in the Sinhala, Tamil and English languages, in some conspicuous place on the property, and proclaiming to the occupant in the customary mode or in such manner as the court may direct, at some convenient place, that the interest of the debtor has been transferred to the purchaser. The cost of such proclamation shall be fixed by the court and shall in every case be prepaid by the purchaser.
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(5) Every order under subsection (3) or subsection (4) shall be deemed, as the case may be, to be an order for delivery of possession made under section 287 or section 288 of the Civil Procedure Code, and may be enforced in like manner as an order so made, the debtor and the purchaser being deemed, for the purpose of the application of any provision of that Code, to be the judgment-debtor and judgment-creditor, respectively.
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Cancellation of sale.
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29Q. Where the property sold has been purchased on behalf of the Bank, the Board may at any time before it resells that property, cancel the sale by an endorsement to that effect on a certified copy of the certificate of sale, upon the debtor or any person on his behalf paying the amount due in respect of the loan for which the property was sold (including the costs of seizure and sale) and interest on the aggregate sum at a rate not exceeding the prescribed rate per annum. Such an endorsement shall, upon registration in the office of the Registrar of Lands, revest the said property in the debtor as though the sale under this Act had never been made.
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Resale by the Bank
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29R. If the property so sold has been purchased on behalf of the Bank, and the sale is not cancelled under section 29Q, the Board may, at any time, re-sell the. property and transfer to the purchaser by endorsement on a certified copy of the certificate referred to in subsection (3) of section 29N, all the right title and interest which would have been acquired by the purchaser at the original sale. The endorsement shall be liable to the same stamp duty and charges as a certificate to a purchaser at the original sale, and shall, when it is registered in the office of the :Registrar of Lands, vest such right, title and interest as aforesaid in the purchaser.
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Limit of retention of property by the Bank
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29S. If at any sale in pursuance of the preceding provisions of this Act, the Bank has purchased any property sold !or default in the payment of a loan, the Bank shall not hold such property for a longer period than it is necessary to enable the Bank to re-sell the property for such a sum as will cover the total amount due to the Bank on account of loan, interest, expenses and costs:’
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Provided that where such property consists of the interest of a lessee under a lease from the State, the Board may, instead of reselling such property, surrender the lease to the State on such terms and conditions as may be agreed upon between the Board, the Minister and the Minister in charge of the subject of State lands.
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Meaning of property.
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29T. In this Part, unless the context otherwise requires, .. property” in any case where a loan is secured by a mortgage of the interest of a lessee under a lease from the State, means the right. title and interest of the lessee under the lease.’.
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Repeal of section 30 of the principal enactment,
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5. Section 30 of the principal enactment is hereby repealed.
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Amendment of section 48 of the principal enactment.
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6. Section 48 of the principal enactment is hereby amended as follows:
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(1) by the insertion immediately before the definition of the expression” approved societies ., of the following new definitions
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” agriculture” includes the raising of crops, medicinal plants and herbs. horticulture, sericulture, bee-keeping, forestry, animal husbandry, poultry farming, dairy farming including livestock rearing and breeding and growing pasture and fodder and marketing of produce;
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“agricultural undertaking” means an undertaking for the purpose of the production of any agricultural, horticultural or any animal produce and includes an undertaking for the purpose of rearing livestock or poultry; , ;
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(2) by the insertion immediately after the definition of the expression ” approved societies” of the following new definition :
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” approved credit institution” shall have the same meaning as ” credit institution ” in section 88F of the Monetary Law Act, (Chapter 422) and includes such other institutions as the Board of Directors may, from time to time determine, to be approved credit institutions for the purposes of this Act; , ;
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(3) by the omission of the definition of the expression “Cultivation Committee; ” ;
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(4) by the insertion, immediately after the definition of the expression” co-operative society” of the following new definitions :
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” enterprise ” means a body of persons whether corporate or unincorporate identified by any name or designation whatsoever and includes a corporation sole or a sole proprietorship; , ;
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(5) by the insertion immediately after the definition of the expression” general body of the Bank “, of the following new definitions:
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” industry” includes fishing, gemming, tourism, transport and the manufacture or preparation of any produce or commodity for sale in the market
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“industrial undertaking” means
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(a) an undertaking for the manufacture or production by mechanical means, of any articles, goods or materials, or for the subjection, by mechanical means, of any articles, goods or materials to any process, or for mining, or for printing, or for repairing machinery or vehicles or vessels; and
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(b) an undertaking for transporting persons or goods;
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“loan” means a loan of money and includes any -overdraft or advance or any other monetary accommodation by whatsoever name or designation called;
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(6) by the insertion immediately after the definition of the expression” medium-term loan” of the following new definition:
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” prescribed” means prescribed by rules made under this Act. ‘.
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