Sri Lanka Consolidated Acts

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Debt Conciliation (Amendment) Act (No. 29 of 1999) - Sect 2

Amendment of Section 19A of the Debt Conciliation Ordinance Chapter 81

2. Section 19A of the Debt Conciliation Ordinance (Chapter 81) (hereinafter referred to as the "principal enactment") is hereby amended as follows:"
(1) by the insertion immediately after subsection (1) of that section, of the following new subsection :-
'(1A) The Board shall not entertain any application by a debtor or creditor in respect of a debt purporting to be secured by any such transfer of immovable property as is a mortgage within the meaning of this Ordinance, unless that application is made within three years of the date of the notarially executed instrument, effecting such transfer :
(2) by the substitution in subsection (2) of that section for the words and figures "subsection (1)", of the words and figures "subsection (1) or subsection (1A)".


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