Debt Conciliation (Amendment) Act 1983

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

Official translation, read from a scanFrom Department of Government Printing's scanned PDF, read by OCR; may contain errors

s 1Short title

This Act may be cited as the Debt Conciliation

(Amendment) Act, No. 20 of 1983,

s 2of section 19a of Chapter 81

Section 19a (inserted by Act No. 5 of 1959) of the

Debt Conciliation Ordinance (hereinafter referred to as the principal enactment) is hereby amended, by the repeal of subsection (1) of that section, and the substitution therefor, of the following subsection :—

“(1) The Board shall not entertain any application by a debtor or creditor in respect of a debt purporting to be secured by any such conditional transfer of immovable property as is a mortgage within the meaning of this

Ordinance unless that application is made before the expiry of the period within which that property may be redeemed by the debtor by virtue of any legally enforceable agreement between him and his creditor. ”.

s 3Amendment of section 64 of the principal enactment

Section 64 of the principal enactment, as amended by

Act No. 5 of 1959, is hereby further amended, by the substi-tution, for the definition of “debtor”, of the following definition :—

‘“ debtor” means a person—

(i)

who has created a mortgage or charge over any immovable property or any part thereof and whose debts in respect of such property exceed the prescribed amount ; or

(ii)

who is a tranferee of a right of redemption on a conditional transfer, and includes the heirs, executors and administrators of such person. ’.

2—A 68464 9,925 (88/03)

Amedment

Annual subscription of Bills and Laws of the Parliament Rs. 150 (Local),

Fs. 220 (Fereign), payable to the SupeRINTENDENT, GOVERNMENT PUBLICATIONS mhuprag, P AO. Box 500. ConomsBo 1, before 15th December each year in respect of the vear following.