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29. Institute established under section 2 to be the successor of the Institute of Real Estate and Valuation

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

(1)

The Institute of Real Estate and Valuation which is incorporated as a company under the Companies Act,

No. 07 of 2007 (hereinafter referred to as the “IREV”) shall be wound up with effect from the date of commencement of this Act.

(2)

For the avoidance of doubt, it is hereby declared that the Institute established under section 2 of this Act shall, for all purposes, be deemed to be the successor to the IREV and accordingly-

(a)

all property movable and immovable owned by the IREV on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, vest in the Institute established under section 2 of this Act;

(b)

all debts and liabilities of the IREV existing on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to be the debts and liabilities of the

Institute established under section 2 of this Act;

(c)

all contracts and agreements entered into for the purpose of the IREV and subsisting on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be contracts and agreements entered into by the

Institute established under section 2 of this Act;

(d)

all actions and proceedings instituted by or against the IREV and pending on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to be actions and proceedings instituted by or against the Institute established under section 2 of this Act; and

(e)

all decrees and orders entered or made by any competent court or tribunal in favour of or against the IREV which remains unsatisfied on the day preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to have been entered or made in favour of or against the

Institute established under section 2 of this Act and may be enforced accordingly.

(3)

The provisions relating to winding up of Companies specified in the Companies Act, No. 07 of 2007 shall, mutatis mutandis, apply in respect of the winding up of the IREV.

Read on from s 30

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