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The Colombo Magistrate's Court Lawyers' Association in partnership with Hatton National Bank will inaugurate a special personal loan scheme specially intended to the members and to the Associate Life Members of the Colombo Magistrate's Court Lawyers' Association. Sarath N. Silva, the Chief Justice will inaugurate the scheme on 29th of January at 3.30 p.m. at the Bar Association Auditorium.

This scheme is specially designed with Attorneys-at-Law in mind and Bank has agreed with the Project Proposal of Hemantha Warnakulasuriya, President of the Association and would dispense the requirements normally stipulated by the Banks.

It has been observed that a young lawyer finds it extremely difficult in securing property moveable or immovable or to find sureties to stand as guarantors for personal loans. The young and even the not so young lawyers find it exceedingly difficult to accede to the requests made by most lending institutions, though they may be in a position to repay the instalments without much difficulty. The complexity of the lending system adopted by many reputed lending agencies and the requirement of meticulously prepared reams and reams of paper would put off any genuine borrower. When the applicant is a young lawyer this task becomes almost herculean. The search for independent guarantors with sufficient liquidity is doomed to end in failure.

Hemantha Warnakulasuriya the incumbent President of the Colombo Magistrate's Court Lawyers' Association who was privy to complaints received by many fellow members decided to put forward an ingenious project proposal to a leading commercial bank the Hatton National Bank. The proposal was that the guarantors would be two Attorneys and a stringent condition that the borrower fails in his obligations the Bank has the option of reporting such defaulter to the Supreme Court. The Hatton National Bank personal loan upto Rs. 500,000 and the instalment which is calculated at the best possible lending rate would be limited to a monthly instalment of Rs. 130,000.

S. N. Silva Chief Justice will inaugurate scheme by handing over the offer letters to the 1st to 10 approved applicants. J. M. G. Perera Deputy General Manager of the Corporate Banking Division of the Hatton National Bank will be the guest of honour. Ajantha Athukorala the President of the Bar Association will address gathering. Leonard M. Perera Manager Hatton National Bank Hulftsdorp Branch will propose the vote of thanks. 

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