48. Registration of security rights and the establishment of the Register

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

(1)

The powers, duties and functions pertaining to the registration of security rights of movable property shall be exercised, performed and discharged by the Authority.

(2)

The Bureau shall, for the purpose of this Act, establish, maintain and operate a register to be called and known as the Register of Security Rights in Movable Property

(hereinafter referred to as the “Register”).

(3)

The Register shall be maintained in such manner as to facilitate a search easily and promptly, using any one or more of the criteria specified below:-

(a)

by the unique identification number of the debtor;

(b)

by the financing statement number; or

(c)

by any other additional criteria as may be prescribed.

Read on from s 49

Part VII

General Provisions

Read on from Part VII

Part VIII

Repeals and Savings

Read on from Part VIII

Part IX

Interpretation

Read on from Part IX