Act of Parliament · As enacted
Trust Receipts (Amendment) Act 2024
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
This Act may be cited as the Trust Receipts
(Amendment) Act, No. 19 of 2024.
The provisions of this Act, other than the provisions of this section, shall come into operation on such date as the
Minister may appoint by Order published in the Gazette
(in this Act referred to as the “appointed date”).
The provisions of this section shall come into operation on the date on which the Bill becomes an Act of
Parliament.
s 2Amendment of section 4 of Chapter 86
Section 4 of the Trust Receipts Ordinance (Chapter 86)
is hereby amended in subsection (1) of that section, by the substitution for the words “registered under the Registration of Documents Ordinance as a bill of sale”, of the words and figures “registered under the Secured Transactions Act,
No. 17 of 2024 as a bill of sale”.
Where on the appointed date a trust receipt which has been registered under the Registration of Documents
Ordinance (Chapter 117) as a bill of sale is in force, such trust receipt shall, for a period of two years from the appointed date, continue to be enforceable, but shall be required to be registered under the relevant provisions of the Secured
Transactions Act, No. 17 of 2024 as a bill of sale, prior to the expiration of such period of two years.
A bill of sale referred to in subsection (1) shall, on being registered under the Secured Transactions Act,
No. 17 of 2024, be deemed to have been perfected from the date on which such bill of sale initially became legally enforceable, and any priority which such bill of sale became entitled to at the time it initially became legally enforceable, shall continue to prevail.
A bill of sale referred to in subsection (1) which is not registered under the Secured Transactions Act, No. 17 of 2024 prior to the expiration of two years from the appointed date, shall become legally unenforceable after the expiration of such period.
s 4Sinhala text to prevail in case of inconsistency
In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.