Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Fisheries And Aquatic Resources Act (No. 2 of 1996) - Sect 22

Transfer of mortgages and registration

22.
(1) A registered mortgage of a local fishing boat may be transferred to any person and the instrument effecting the transfer (hereinafter referred to as the " instrument of transfer ") shall be in the prescribed from. Every instrument of transfer shall be presented to the Director for registration.
(2) Every instrument of transfer of a mortgage shall be registered by the Director in the register of local fishing boats.
(3) The person to whom such mortgage has been transfered shall enjoy the same priority as was enjoyed by the transferor provided the transfer is duly registered in the register of local fishing boats.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]