Act of Parliament · As enacted
Trust Receipts (Amendment) Act 1990
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Official translation, read from a scanFrom Department of Government Printing's scanned PDF, read by OCR; may contain errors
s 1Short title
This Act may be cited as the Trust Receipts (Amend-ment) Act, No. 13 of 1990.
Amendment of section 2 of Chapter 86.
2 Section 2 of the Trust Receipts Ordinance (herein-after referred to as the “principal enactment”) is hereby amended in snbsection (2) of that section, as follows :—
by the substitution in paragraph (v) of that sub-section, for the words “as may be in the premi-ses.”, of the words “as may be in the premises”
; , and
by the addition at the end of that subsection of the following new paragraph :—
“ (vi) an undertaking to insure those goods against all insurable risks to their full in-surable value on a reinstatement basis in the name of the agency and in the case of loss, to pay the insurance moneys to the agency in the same manner as the proceeds of sale.”.
Amendment of section 3 of the principal enactment.
§. Section 3 of the principal enactment is hereby amended in subsection (2) of that section, as follows :—
by the substitution in paragraph (v) of that sub-section, for the words “as may be in the premises.”, of the words “as may be in the psemises ; and”
;
by the addition at the end of that subsection of the following new paragraph
:—
“ (vi) an undertaking to insure those goods until the exportation thereof, against all insurable risks to their full insurable value on a rein-statement basis in the name of the agency and in the case of loss, to pay the insurance moneys to the agency in the same manner as the proceeds of sale.”’.
s 4Amendment of section 4 of the principal enactment,
Section 4 of the principal enactment is hereby amend-ed in subsection (1) of that section by the repeal of para-graph (iv) of that subsection, and the substitution therefor, of the following paragraph :—
“ (iv) The person by whom the trust receipt was execut-
~ ed shall, if he commits a breach or fails to comply with ony undertaking referred to in subsection (2)
or subsection (3) of section 2, or in subsection (2)
of section 3, as the case may be, being an under-taking contained in the trust receipt, be guilty of an offence and shall on conviction after summary of new trial before a Magistrate be liable to imprisonment of either description for a term not exceeding three years or to a fine not less than the amount of the money stated in the trust receipt to be due or to become payable thereunder to the agency and not exceeding three times that amount. ”.
s 5Insertion
The following new section is hereby inserted im-mediately after section 4, and shall have effect as section 4 of the principal enactment :—
“Offences by bodies of persons.
4a.
section 4a mm the principal enactment
Where an offence under this Act is committed by a body of persons, then—
if that body of persons is a body cor-porate, every director and manager or secretary of that body corporate
;
if that body of persons is a firm, every partner of that firm; and
i€ that body of persons ig an unincor-porate body, every individual who is a member of such body, shall be deemed to be guilty of that offence
:
Provided that a director or an officer of such body cor-porate or a partner of such firm shall not be deemed to be guilty of such offence if he proves that such offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.”.
s 6Replace-ment of section 5 of the prin-cipal enact-ment,
Section 5 of the principal enactment is hereby re-pealed and the following section substituted therefor —
‘Approved
5.
credit agencies.
In this Ordinance “ approved cre-dit agency” means—
a licensed commercial bank within the meaning of the Banking Act, No.
30 of 1988;
the National Development Bank of
Sri
Lanka established by the
National Development Bank of Sri
‘Lanka Act, No. 2 of 1979:
the State Mortgage and Investment
Bank established by the State Mort-gage and Investment Bank Law,
No. 13 of 1975;
the Development Finance Corpora-tion of Ceylon established by the
Development Finance Corporation of Ceylon Act (Chapter 165) ;
any company, or any co-operative society in respect of whom an Order has been made under cartinn &
Nothing in this Ordinance shall be deemed or construed to authorize any insti-tution mentioned in paragraphs (b), (c)
and (d) of subsection (1) to make loans or afford any credit facilities in consideration of the execution of trust receipts, if the power to make such loans or to afford such faci-lities is not conferred on such institution by
.the Ordinance providing for the establish-ment, powers and functions of such institu-tion’.
s 7Addition of new section in the “-erincipal enaCtracnt,
The following new section 3 is ; herepy.. added imme-diately after section 5 of the principal enactment
:-
“ Powers of the Director of Commerce.
6. The Director of Commerce may, where te considers it appropriate to do so in the interest of national economy, by Order published in the Gazette declare that the provisions of this Act shall apply to any company registered under the Companies
Act, No. 17.
of 1982 or any co-operative society registered under the Co-operatice
Societies Law, No. 5 of 1972 which in his opinion is of sufficient financial stability and standing for the purpose of this Act, and not referred to in paragraph (a) or paragraph (b) or paragraph (c) or paragraph (d) of subsection (i) of section 5. ”.
s 8Sinhala text to prevail in case of inconsis-tency
In the event of any inconsistency between the Sinhala ard Tamil texts of this Act, the Sinhala text shall prevail.
Annual subscription of Bills and Acts of the Parliament Rs. 177 «= (Local)
Re, 236 (Foreign) payable to the SUPERINTENDENT, GOVERNMENT PUBLICATIONS
Buaxav, CoLomso 1, before 15th December each year in respect of the year
;
following