49. Application for registration of security rights

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

(1)

In order to perfect a security right by registration under this Act, a financing statement prepared in the prescribed form shall be required to be registered with the

Registrar.

(2)

A person filing a financing statement is required to confirm that the security agreement, to which it relates, has been made or that the debtor consents to the filing of such statement.

(3)

A financing statement-

(a)

that is not in accordance with the form prescribed for the same and does not comply with the requirements imposed by the provisions of this Act or any relevant regulations made in that behalf;

(b)

in respect of which the prescribed fee has not been paid or an arrangement for paying the filing fee is not in place; or

(c)

in which any mandatory fields required to be filled when registering electronically, have not been duly completed, may be rejected by the Registrar.

Read on from s 50

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