Act of Parliament · As enacted
Inland Trust Receipts (Amendment) Act 2024
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
This Act may be cited as the Inland Trust Receipts
(Amendment) Act, No. 22 of 2024.
The provisions of this Act, other than the provisions of this section, shall come into operation on such date as the
Minister may appoint by Order published in the Gazette
(in this Act referred to as the “appointed date”).
The provisions of this section shall come into operation on the date on which the Bill becomes an Act of
Parliament.
s 2Amendment of section 3 of Act, No. 14 of 1990
Section 3 of the Inland Trust Receipts Act, No. 14 of 1990 is hereby amended in subsection (1) of that section, by the substitution for the words “registered under the
Registration of Documents Ordinance as a bill of sale”, of the words and figures “registered under the Secured Transactions
Act, No. 17 of 2024 as a bill of sale”.
Where on the appointed date an inland trust receipt which has been registered under the Registration of
Documents Ordinance (Chapter 117) as a bill of sale is in force, such inland trust receipt shall, for a period of two years from the appointed date, continue to be enforceable, but shall be required to be registered under the relevant provisions of the Secured Transactions Act, No. 17 of 2024 as a bill of sale, prior to the expiration of such period of two years.
A bill of sale referred to in subsection (1) shall, on being registered under the Secured Transactions Act,
No. 17 of 2024, be deemed to have been perfected from the date on which such bill of sale initially became legally enforceable, and any priority which such bill of sale became entitled to at the time it initially became legally enforceable, shall continue to prevail.
A bill of sale referred to in subsection (1) which is not registered under the Secured Transactions Act, No. 17 of 2024 prior to the expiration of two years from the appointed date, shall become legally unenforceable after the expiry of such period.
s 4Sinhala text to prevail in case of inconsistency
In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.