2. Amendment of section 3 of Act…

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

Section 3 of the Land (Restrictions on Alienation)

Act, No. 38 of 2014 (hereinafter referred to as the “principal enactment”) is hereby amended in subsection (1) —

(a)

by the repeal of paragraph (b) of that subsection and the substitution therefor of the following paragraph:—

“(b)

a condominium parcel specified under the

Apartment Ownership Law:

Provided that, the entire value shall be paid upfront through an inward foreign remittance prior to the execution of the relevant deed of transfer;”;

(b)

in paragraph (h) of that subsection by the substitution for the words “transfer of such land.”

of the words “transfer of such land; and”;

(c)

immediately after paragraph (h) of that subsection by the addition of the following new paragraph:—

“(i)

any land, the title of which is transferred on or after April 1, 2018, to a company referred to in paragraph (b) of subsection (1) of section 2, listed in the Colombo Stock

Exchange.”.

Read on from s 3