Sri Lanka Consolidated Acts

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Finance Act (No. 11 of 1963) - Sect 52

Acquisition procedure

72.
(1) Where the Bank has determined that any premises shall be acquired for the purposes of this Part of this Act, the Chairman of the Board of Directors of the Bank shall cause such determination to be notified to the Minister.
(2) Upon being notified of the determination of the Bank in respect of any premises, the Minister may, by Order (hereafter in this Part of this Act referred to as a " vesting Order") published in the Gazette, vest in the Bank, with effect from such date as shall be specified in the Order, the premises to which such determination relates.
(3) Where a vesting Order under subsection (2) in regard to any premises is published in the Gazette, such premises shall, with effect from the date specified in the Order under that subsection, vest absolutely in the Bank free from all encumbrances.
(4) Any person specially or generally authorized in that behalf by the Chairman of the Board of Directors of the Bank may take possession of any premises vested in the Bank by a vesting Order.
(5) The person who, under subsection (4), is authorized to take possession of any premises vested in the Bank by a vesting Order shall, by notice given to the person in occupation or in possession of such premises or exhibited in some conspicuous place in, or in the vicinity of, such premises,-
(a) inform that such authorized officer intends to take possession of such premises for and on behalf of the Bank on such date and at such time and place as shall be specified in the notice, and
(b) require any person interested or his authorized agent to be present on the date and at the time and place so specified, and to allow and assist such authorized officer to take possession of such premises for and on behalf of the Bank.
(6) Any notice required to be given to any person under subsection (5) shall be deemed to be given to him if such notice is sent to him by registered letter through the post.
(7) Every person-
(a) who contravenes any requirement of any notice given to him under subsection (5), or
(b) who-
(i) prevents, obstructs or resists, or
(ii) directly or indirectly causes any one to prevent, obstruct or resist,


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