Finance Leasing Act 2000 · As enacted · Part II · Duties of Lessors, LessuEs AND SUPPLIERS
21. Accelerated
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
A lessor shall, prior to enforcing the right to payments or accelerated payment or to the termination of a finance lease termination with under section 20, serve by registered post a notice on the
| essee—
notice to lessee.
lessee
“lessee”, in relation to a fiance lease, means a person who acquires a right to possession and use of an equipment under the lease;
specifying the circumstances which had caused a substantial failure of the lease within the meaning of the finance lease ;
appointing a date, not being a date less than twenty-one days after the receipt of the notice, for remedying the failure referred to in paragraph (a).
Finance Leasing Act, No. 56 of 2000 1]
Where a lessee fails to remedy the failure specified in a notice served under subsection (1) on or before the date appointed in the notice, or fails to give a reasonable cause lor such failure, the lessor may act in accordance with the provisions of section 20.