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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

48. Realisation by separation

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Subject to section 49 where rights or obligations with respect to an asset owned by one person are assigned to another person, including by way of lease of an asset or part thereof, then –

(a)

where the rights or obligations are permanent, the one person shall be treated as realising part of the asset, but shall not be treated as acquiring any new asset or liability; and

(b)

where the rights or obligations are temporary or contingent, the person shall not be treated as realising part of the asset or liability, but as acquiring a new asset or incurring a new liability, as the case requires.

(2)

Rights or obligations shall be considered permanent when they are likely to last for more than fifty years.

Read on from s 49

Part II

Read on from Part II

Schedules