39. Lease of Marketable Land, or transfer on freehold basis, lease or rent, of premises or condominium parcels in Sri Lanka Rupees

Notwithstanding the provisions of section 38, the

Commission may lease Government Marketable Land or

Project Company Marketable Land, or lease or transfer on freehold basis any condominium parcel standing on either

Government Marketable Land or Project Company

Marketable Land, to any person or company, to whom the restrictions specified in the Land (Restrictions on Alienation)

Act, No. 38 of 2014 do not apply, in Sri Lanka Rupees, in accordance with such terms and conditions as may be determined by the Commission:

Provided that, if such person or company to whom the restrictions specified in the Land (Restrictions on Alienation)

Act, No. 38 of 2014 do not apply and who has made payment in Sri Lanka Rupees, and who, within a period of five years from the date of the respective transaction paid for in Sri

Lanka Rupees, in turn transfers, leases or rents such property to a third party on payment made in any designated foreign currency other than Sri Lanka Rupees, shall be required to remit the sum so received in a designated foreign currency other than Sri Lanka Rupees, to a Resident Foreign Currency

Account operated and maintained in Sri Lanka outside the

Area of Authority of the Colombo Port City, in the name of the aforesaid person or company in such manner as shall be prescribed.