Sri Lanka Consolidated Acts

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Finance Act (No. 11 of 1963) - Sect 58

Proportionate payment of compensation

78.
(1) The amount of compensation to be paid to any person in respect of any premises vested in the Bank under this Part of this Act shall be proportionate to the interest such person had in such premises on the date on which such premises were so vested.
(2) Where any premises are subject to a mortgage or lease at the time when those premises were vested in the Bank under this Part of this Act, the rights of the mortgagee or of the lessee, shall, notwithstanding the provisions of subsection (3) of section 72, be limited to any sum paid under this Part of this Act as compensation in respect of those premises.


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