Sri Lanka Consolidated Acts

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National Housing Development Authority Act (No. 17 of 1979) - Sect 34

Permission of General Manager required under certain circumstances for alienation of security for a loan granted by the Authority

34.
(1) Where on the security of any property a loan is granted for the construction, completion, renovation or repair of any building or buildings such property, and where the building is to be constructed, completed, renovated or repaired is on any other property, such other property shall not be sold, gifted, leased or otherwise alienated, so long as such work is incomplete, except with the written permission of the General Manager and in accordance with such conditions as he may impose.
(2) Notwithstanding anything to the contrary in any other written law, any alienation or disposition of any property to which subsection (1) applies shall, if it is in contravention of that subsection, be invalid, and have no force or effect in law.

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