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srilawsby aturio
As enacted
Contents

Part III · Amendment, Continuation and Termination of the Notice

16. Continuation of notice

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

(1)

The period of validity of a notice may be extended by filing a continuation statement that—

(i)

identifies the initial notice by its unique file number;

(ii)

identifies a secured party on the notice who authorizes the continuation statement; and

(iii)

indicates the extension of the validity of the notice, with respect to the secured party who authorized the filing.

(2)

A continuation statement may be filed within six months prior to the expiration of the five year period of the notice, and upon filing of a continuation statement within the period specified herein, the validity of the notice shall continue for a further period of five years commencing from the date on which the notice would have become invalid.

(3)

Upon the expiration of the extended period of five years as specified in subsection (2), the validity of such notice shall lapse unless prior to the expiration of the validity another continuation statement authorized by that secured party is filed. The validity of a notice shall thereupon continue only with respect to the secured party who authorized the filing of the continuation statement.

(4)

Succeeding continuation statements may be filed in the same manner to continue the validity of the notice.

Read on from s 17

Part IV

Miscellaneous

Read on from Part IV