38of2014.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
LAND (RESTRICTIONS ON ALIENATION)
ACT, No. 38 OF 2014
[Certified on 29th October, 2014]
Printed on the Order of Government
Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of October 31, 2014
PRINTEDATTHE DEPARTMENTOFGOVERNMENTPRINTING,SRILANKA
TO BEPURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5
Price : Rs. 18.00 Postage : Rs. 50.00

Land (Restrictions on Alienation) 1
Act, No. 38 of 2014
[Certified on 29th October, 2014]
L.D.—O. 23/2013.
AN ACT TO MAKE PROVSIONS TO STIPULATE RESTRICTIONS ON THE
ALIENATION OF LANDS IN SRI LANKA TO FOREIGNERS, FOREIGN
COMPANIES AND CERTAIN INSTITUTIONS WITH FOREIGN SHAREHOLDING;
TO SPECIFY THE CIRCUMSTANCES WHERE THE EXEMPTIONS ARE
GRANTED; TO IMPOSE A LAND LEASE TAX FOR LEASING OF LANDS TO
FOREIGNERS, FOREIGN COMPANIES AND CERTAIN INSTITUTIONS WITH
FOREIGN SHAREHOLDING; FOR THE GRANTING OF CONCESSIONS TO
CERTAIN DEVELOPMENT PROJECTS; FOR THE REPEAL OF PART VI OF THE
FINANCE ACT, NO. 11 OF 1963; AND TO PROVIDE FOR MATTERS
CONNECTED THEREWITH OR INCIDENTAL THERETO.
WHEREAS in furtherance of the development policies being Preamble.
promoted by the Government in the backdrop of a globally
integrated environment, it is deemed expedient and necessary
to ensure the prudent use of land which is a limited resource,
in a manner that preserves the national interest:
AND WHEREAS it is the National Policy to regulate the use
of lands, in a sustainable manner, having imposed restrictions
on the alienation of lands to foreigners, foreign companies
and certain institutions with foreign shareholding and having
granted concessions to citizens of Sri Lanka for certain
development projects, as specified in this Act:
NOW THEREFORE be it enacted by the Parliament of the
Democratic Socialist Republic of Sri Lanka as follows:—
1. (1) This Act may be cited as the Land (Restrictions Short title and
on Alienation) Act, No. 38 of 2014. date of
operation.
(2) The provisions of this Act shall be deemed to have
come into operation with effect from January 1, 2013.
2 Land (Restrictions on Alienation)
Act, No. 38 of 2014
Restriction on 2. (1) Notwithstanding any provision to the
transfer of land.
contrary in any other written law, the transfer of title of
any land situated in Sri Lanka, shall be prohibited if such
transfer is—
(a) to a foreigner; or
(b) to a company incorporated in Sri Lanka under the
Companies Act where any foreign shareholding in
such company, either direct or indirect, is fifty per
cent or above; or
(c) to a foreign company,
unless exempted as provided in section 3.
(2) (a) For the purpose of maintaining the legal validity
of a transfer of land to a company incorporated in Sri Lanka
under the Companies Act, with less than fifty per cent
of foreign shareholding, the foreign shareholding of
such company shall remain less than fifty per cent, for a
minimum period of consecutive twenty (20) years from the
date of such transfer.
(b) Where the foreign shareholding of a company
referred to in paragraph (a) reaches or exceeds fifty per cent,
contrary to the provisions of paragraph (a), in consequent
to—
(i) the change of ownership of shares directly or
indirectly; or
(ii) the death of a shareholder of such company and
the shares of the deceased shareholder devolving,
in accordance with the applicable laws of
succession of Sri Lanka, on his next of kin who is a
foreigner,
Land (Restrictions on Alienation) 3
Act, No. 38 of 2014
the transfer of land referred to therein shall be void and shall
have no effect in law, with effect from the date of increase of
the foreign shareholding:
Provided however, where a company referred to in
paragraph (a),—
(i) listed in the Colombo Stock Exchange (with
a minimum number of two hundred shareholders
in the case of a Diri Savi Board and one thousand
shareholders in the case of a Main Board), takes steps
to reduce its foreign shareholding to less than fifty
per cent, within a period of twelve months from the
date of increase of its foreign shareholding; or
(ii) other than a company referred to in sub-paragraph
(i), takes steps to reduce its foreign shareholding to
less than fifty per cent, within a period of six months
from the date of increase of its foreign shareholding,
in compliance with the provisions of that paragraph, the
transfer of land referred to in paragraph (a), shall be deemed
to be legally valid, with effect from the date of restoring the
foreign shareholding of such company to less than fifty per
cent.
(c) For the purposes of this section the expressions “Diri
Savi Board” and “Main Board” shall be read and construed
in accordance with the provisions of the Listing Rules of the
Colombo Stock Exchange issued under its listing
requirements, in terms of the Securities and Exchange
Commission of Sri Lanka Rules, 2001, made under section
53 of the Securitites and Exchange Commission of Sri Lanka
Act, No. 36 of 1987 and published in Gazette Extraordinary
No. 1215/2 of December 18, 2001.
3. (1) The provisions of section 2 shall not apply to— Exemption from
the application
of the provisions
(a) any land the title of which is transferred to a of section 2.
Diplomatic Mission of another State within the
4 Land (Restrictions on Alienation)
Act, No. 38 of 2014
meaning of the Diplomatic Privileges Act or to an
International, Multilateral or Bilateral Orgnization
recognized in terms of that Act;
(b) a condominium parcel situated on or above the
fourth floor of a building specified under the
Apartment Ownership Law, (excluding the ground
level floor and floors which accommodates only
common element or elements within the meaning
of Apartment Ownership Law):
Provided that, the entire value shall be paid up
front through an inward foreign remittance prior to
the execution of the relevant deed of transfer;
(c) any land the title of which is transferred to a foreign
investor in consequent to a decision of the Cabinet
of Ministers taken prior to January 1, 2013,
involving direct investment of foreign currency, as
per the related agreements on such investment
structured on the basis of any written law governing
the tax regime prior to January 1, 2013, and has
ensured compliance by making inward remittances
to Sri Lanka;
(d) any land the title of which is transferred by
intestacy, gift or testamentary disposition to a next
of kin (who is a foreigner) of the owner of such
land, in accordance with the applicable law of
succession of Sri Lanka;
(e) any land the title of which is transferred to a dual
citizen of Sri Lanka within the meaning of the
Citizenship Act;
(f) any land the title of which is transferred to any
bank licensed under the Banking Act, in which any
foreign shareholing is fifty per cent or above—
(i) at an auction conducted by such Bank in
terms of the Recovery of Loans by Banks
Land (Restrictions on Alienation) 5
Act, No. 38 of 2014
(Special Provisions) Act, No. 4 of 1990 or
Mortgage Act (Chapter 89), in the discharge
of a mortgage of such land to such Bank;
(ii) in execution of a decree of court to enforce
the recovery of a loan given by such bank;
(g) any land the title of which is transferred to any
Finance Leasing Institution in which any foreign
shareholding is fifty per cent or above—
(i) where such land has been mortgaged to such
Finance Leasing Institution as a security for
a lease;
(ii) in order to execute a lease and an agreement
to sell or a loan and an agreement to sell;
(iii) in execution of a decree of court to enforce
the recovery of a loan given by such
Institution;
(h) any land, the title of which was transferred to a
company referred to in section 2(1)(b), during the
period commencing from January1, 2013 and
ending on the date on which the certificate of the
speaker is endorsed in respect of this Act, provided
such company has been in active operation in Sri
Lanka for a period of not less than ten (10)
consecutive years prior to the date of transfer of
such land.
(2) The Minister may in consultation with the Minister to
whom the subject of lands has been assigned and with the
prior written approval of the Cabinet of Ministers, by Order
publidhed in the Gazette, exempt any foreign entity engaged
in the banking, financial, insurance, maritime, aviation,
advanced technology or infrastructure development project
identified as a Strategic Development Project, in terms of the
provisions of the Strategic Development Projects Act, No. 14
of 2008, from the application of the provisions of section 2.
6 Land (Restrictions on Alienation)
Act, No. 38 of 2014
(3) The Minister may in consultation with the Minister to
whom the subject of Lands has been assigned and with the
prior written approval of the Cabinet of Ministers, by Order
publidhed in the Gazette, exempt any foreign company
engaged in international commercial operations, from the
application of the provisions of section 2, where the land is
purchased to locate or relocate its global or regional
operations or to set up a branch office.
(4) Where the transfer of title of a land is effected in terms
of this section, the provisions of this Act shall also apply to
every subsequent transfer of title of such land or part thereof.
Conditions for 4. (1) The Registrar of Lands shall not register an
the registration instrument effecting any transfer of title referred to in section
of instruments
2, under the provisions of the Registration of Documents
relating to the
transfer of title Ordinance,unless such registrar of lands is satisfied that such
of lands. transfer is in compliance with the provisions of this Act.
(2) (a) Notwithstading the provisions of subsection (1),
an instrument effecting, the transfer of title of a land to a
next of kin (who is a foreigner) of an owner of such land,
shall be registered by the Registrar of Lands, where the
notary public attesting such instrument of transfer certifies
in his attestation that the transferee is the next of kin of the
owner of the land transferred, as recongized by the applicable
laws of succession of Sri Lanka.
(b) Where any question arises whether a person is the
next of kin of the owner of the land or which law is applicable
to the succession, the Registrar of Lands shall refer the matter
to the District Court having jurisdiction over the area in
which the relevant land is situated, for a determination
through summary proceeding.
(3) Where the title of a land is transferred to a company
incorporated in Sri Lanka under the Companies Act, with
less than fifty per cent of foreign shareholding, it shall be
the duty of the Registrar of Lands to confirm himself whether
Land (Restrictions on Alienation) 7
Act, No. 38 of 2014
the foreign shareholding of such company is less than fifty
per cent, by requiring the secretary of such company to
submit documentary proof to the effect that the foreign
shareholding of such company is less than fifty per cent of
the total number of shares issued for the time being.
(4) (a) The secretary to the relevant company shall inform
the Registrar of Lands in writing in every six months period
commencing from the date of the registration of the relevant
deed of transfer, that the foreign shareholding of such
company has not exceeded fifity per cent of the total number
of shares issued by such company, during the said period of
six months.
(b) Where the foreing shareholding of a company referred
to in paragraph (a) reaches or exceeds fifty per cent the
relevant Registrar of Land shall make a note to that effect in
the relevant folio.
(5) For the purposes of this section “Registrar of Lands”
means the respective Registrar of Lands of the land registry,
to whom the instrument of transfer is presented for
registration.
5. (1) Notwithstanding any provision to the contrary in Restrictions on
any other written law, the leasing of a land— the leasing of
lands to
foreigners.
(a) to a foreigner; or
(b) to a company incorporated in Sri Lanka under the
Companies Act, where any foreign shareholding in
such company, either direct or indirect, is fifty per
cent or above; or
(c) to a foreign company,
shall be effected subject to the payment of the Land Lease
Tax imposed under section 6:
Provided however, the maximum tenure of any such
lease shall not exceed ninety nine years.
8 Land (Restrictions on Alienation)
Act, No. 38 of 2014
(2) Any State land so leased shall be re-vested on the
State free of encumbrances upon the lapse of the period of
lease.
(3) Any state land so leased shall not be sub-let or sub-
leased violating the provisions of relevant indenture of lease
or without obtaining the prior written approval from the
Minister to whom the subject of lands has been assigned.
Tax on the lands 6. (1) There shall be a Land Lease Tax payable up-front
leased out to
by the Lessee, for every lease of land, in terms of section
foreigners.
5(1), at the execution of the indenture of lease or prior to
such execution unless exempted under section 7.
(2) The rate of such Land Lease Tax shall be fifteen per
cent of the total rental payable for the entire duration of the
lease.
(3) Notwithstanding the provisions of subsection (2), the
Land Lease Tax shall be 7.5 per cent of the total rental
payable for the entire duration of the lease in respect of —
(a) any land leased to a company referred to in section
5(1)(b), provided that such company has been in
active operation in Sri Lanka for a consecutive
period of not less than ten years, immediately prior
to the date of the indenture of lease;
(b) any land leased to a subsidiary of a holding
company incorporated in Sri Lanka under the
Companies Act, in which the shareholding of the
holding company in such subsidiary is fifty per
cent or above and any foreign shareholding in the
holding company is fifty per cent or above,
provided that such holding company has been in
active operation in Sri Lanka for a period of not
less than ten (10) consecutive years, immediately
prior to the date of indenture of lease:
Land (Restrictions on Alienation) 9
Act, No. 38 of 2014
Provided however, where the shareholding of
the holding company in the subsidiary, becomes
less than fifty per cent the Land Lease Tax
applicable in respect of such lease shall be fifteen
per cent for the balance period of lease, with effect
from the date of reduction of the shareholding;
(c) a condominium parcel situated on or above the
fourth floor of a building specified under the
provisions of the Apartment Ownership Law, where
the period of lease is less than thirty five years;
(d) a condominium parcel situated below the fourth
floor of a building specified under the provisions
of the Apartment Ownership Law, where the period
of lease is not more than ninety nine years;
(e) the lease of any land in terms of section 5, situated
within—
(i) a Licensed Zone declared under the Board
of Investment of Sri Lanka Law, No. 4 of
1978; or
(ii) a Tourist Development Area declared under
the Tourism Act, No. 38 of 2005 or Tourist
Development Act, No. 14 of 1968; or
(iii) an Industrial Estate established under the
Industrial Development Act, No. 36 of
1969; or
(iv) an area declared by the Minister by
regulations as an area, for which the reduced
tax rate is applicable;
(f) any land leased to a company referred to in section
5(1)(b), where the Cabinet of Ministers decides
having taken into consideration that a substantial
foreign envestment has already been realized by
10 Land (Restrictions on Alienation)
Act, No. 38 of 2014
such company into the related sector that such
reduced tax rate is justifiable in order to ensure
level playing field among its competitors in the
related sector.
(4) The Lessee referred to in subsection (1) shall be liable
in addition to the Land Lease Tax, to pay the applicable
stamp duty under the Stamp Duty Act, No. 43 of 1982 and
any other tax or charge payable in respect of any such
transaction under any applicable written law in force for the
time being.
(5) The Land Lease Tax shall be paid in a manner as may
be prescribed.
Exemption from 7. (1) The Land Lease Tax payable under section 6,
the Land Lease shall not be applicable on the lease of—
Tax.
(a) any land a Diplomatic Mission of another State
within the meaning of the Diplomatic Privileges
Act or to an International, Multilateral or Bilateral
Organization recognized in terms of that Act;
(b) a condominium parcel situated on or above the
fourth floor of a building specified under the
provisions of the Apartment Ownership Law
(excluding the ground level floor and floors which
accommodate any common element or elements
within the meaning of Apartment Ownership Law)
where the period of lease is thirty five years or
above and the lease rental for the full period of
lease is paid through inward remittance of foreign
currency on or prior to the date of the execution of
the relevant indenture of lease;
(c) any land to a dual citizen of Sri Lanka within the
meaning of the Citizenship Act;
(d) any land to a foreign investor in consequent to a
decision of the Cabinet of Ministers taken prior to
January 1, 2013, involving direct investment of
Land (Restrictions on Alienation) 11
Act, No. 38 of 2014
foreign currency as per the related agreements on
such investment, and structured on the basis of any
written law governing the tax regime prior to
January 1, 2013, and has ensured compliance by
making inward foreign remittances to Sri Lanka;
(e) any land situated within a Bonded Area or a Free
Port declared under the Finance Act, No. 12 of 2012.
(2) The Minister may in consultation with the Minister to
whom the subject of lands has been assigned and with the
prior written approval of the Cabinet of Ministers, by Order
published in the Gazette, exempt any foriegn entity engaged
in the banking, financial, insurance, maritime, aviation,
advanced technology or infrastructure development project
identified as a Strategic Development Project, in terms of
the povisions of the Strategic Development Projects Act,
No.14 of 2008, from the application of the provisions of
section 6.
(3) The Minister may in consultation with the Minster to
whom the subject of Lands has been assigned and with the
prior written approval of the Cabinet of Ministers, by Order
published in the Gazette, exempt any foreign company
engaged in international commercial operations, from the
application of the provisions of section 6, where the land is
leased to locate or relocate its global or regional operations
or to set up a branch office.
8. (1) An indenture of lease effecting a lease of any Conditions on
land to a person or a company referred to in section 5(1), the registration
of instruments
shall not be registered under the provisions of the
of lease.
Registration of Documents Ordinance, unless the Registrar
of Lands is satisfied that the Land Lease Tax in respect of
the lease has been paid in accordance with the provisions
of this Act.
(2) For the purposes of this section “Registrar of
Lands” means the respective Registrar of Lands of the land
registry, to which the indenture of lease is presented for
registration.
12 Land (Restrictions on Alienation)
Act, No. 38 of 2014
Enforcement. 9. (1) The Commissioner General of Inland Revenue
shall charge, levy and collect the Land Lease Tax imposed
under section 6.
(2) The provisions of Inland Revenue Act, shall mutatis
mutandis apply to and in relation to the enforcement of the
Land Lease Tax payable under this Act.
Land Lease Tax 10. The Land Lease Tax charged, levied or collected
to be credited to under section 9, by the Commissioner General of Inland
the Consolidated
Fund. Revenue shall be credited to the Consolidated Fund.
Restrictions on 11. (1) Any land transferred or leased to a person or a
mortgaging company referred to in section 2(1) or 5(1), after the date on
lands of which
title has passed which the certificate of the speaker is endorsed in respect of
or has been this Act, shall not for any purpose be mortgaged or pledged
leased to a to any bank licensed under the Banking Act, for a period of
foreign five years with effect from the execution of the relevant
national.
instrument of transfer or lease.
(2) Any mortgage or pledge executed in contravention of
subsection (1), shall be void.
Land Reform 12. The provisions of the Land Reform Law, No. 1 of
Act to apply in 1972, on the maximum extent of land that can be owned by
respect of
any person, shall continue to apply in respect of any transfer
exempted
transfers and of title or lease of a land exempted from the application of
leases. the provisions of this Act.
Valuation. 13. (1) For the purposes of this Act, the land value—
(a) of any State land, shall be as determined by the
Government chief valuer; and
(b) of any private land, shall be as determined by a
licensed valuer.
(2) The total lease rental, pertaining to a lease referred to
in section 5, shall be calculated based on the valuation of
the land made under subsection (1).
Land (Restrictions on Alienation) 13
Act, No. 38 of 2014
14. (1) Where any person liable to pay the Land Lease Offences and
Tax under this Act, fails to pay such tax, as provided for in punishment.
this Act, shall be deemed to be a defaulter of tax under this
Act.
(2) Any such defaulter commits and offence under this
Act, and the provisions of the Inland Revenue Act shall
mutatis mutandis, be applicable to and in relation to the
prosecution against any such defaulter and for the recovery
of such tax and to the punishment thereof.
15. Where an offence under this Act is committed by a Offences by
body of persons, if that body of persons is- bodies of
persons.
(a) a body corporate, every director and officer of that
body corporate; or
(b) a firm, every partner of that firm; or
(c) a body unincorporated other than a firm, every
officer of that body responsible for its management
and control,
shall be deemed to be guilty of such offence :
Provided that, no such person shall be deemed to be
guilty of such offence, if he proves that such offence was
committed without his knowledge and that he exercised all
due diligence to prevent the commission of such offence.
16. Where a State land is transferred or leased to a project Concessions for
approved by the Cabinet of Ministers as a Development Development
Project to which freehold right or leasehold right of the State Projects.
land to be transferred, such project shall be granted a
deduction amounting to twenty-five per cent of the land
value or total lease rental, determined under section 13:
Provided that, any such Development Project shall be
implemented by—
(a) a citizen of Sri Lanka; or
14 Land (Restrictions on Alienation)
Act, No. 38 of 2014
(b) a company incorporated in Sri Lanka under the
Companies Act, where fifty per cent or above of its
shareholding is held by citizens of Sri Lanka.
Regulations. 17. (1) The Minister may make regulations for the
matters required by this Act to be prescribed and for matters
in respect of which regulations are authorized to be made.
(2) Every such regulation shall be published in the Gazette
and shall come into operation on the date of such
publication or on such later date as may be specified in such
regulation.
(3) Every such regulation shall, as soon as convenient
after its publication in the Gazette, be brought before
Parliament for approval. Any such regulation that is not so
approved shall be deemed to be rescinded as from the date
of disapproval, but without prejudice to anything previously
done thereunder.
(4) Notification of the date on which a regulation is
deemed to be rescinded shall be published in the Gazette.
Alienation of 18. Any alienation of land effected in contravention of
land in the provisions of this Act, shall be void and shall have no
contravention of
this Act to be effect in law.
void.
Repeal of Part 19. Part VI (Imposition of tax on transfers of property
VI of Act No. under certain conditions) of the Finance Act, No. 11 of 1963,
11 of 1963.
is hereby repealed.
Avoidance of 20. For the avoidance of doubts, it is hereby declared
doubts. that—
(a) any instrument effecting a transfer of ownership of
a land in Sri Lanka to a person or a company referred
to in section 2(1), which was executed prior to
January 1, 2013 and pending registration in
Land (Restrictions on Alienation) 15
Act, No. 38 of 2014
accordance with the provisions of Registration of
Documents Ordinance shall, notwithstanding the
repeal of Part VI of the Finance Act, No. 11 of 1963,
be registered subject to the provisions of repealed
Part VI of that Act;
(b) any instrument effecting alienation of land in
Sri Lanka, to a person or a company referred to in
section 2(1) or 5(1), executed within the period
commencing from January 1, 2013 and ending on
the date on which the certificate of the Speaker
is endorsed in respect of this Act, shall be registered
by the relevant Registrar of Lands in accordance
with the provisions of the Registration of
Documents Ordinance, subject to the provisions of
this Act.
21. The Commissioner General of Inland Revenue who Validation.
charges or collects the Land Lease Tax as provided for in
this Act, for the period commencing from January 1, 2013
and ending on the date on which the certificate of the Speaker
is endorsed in respect of this Act, shall be deemed, to have
acted and to be acting with due authority and such charge or
collection shall be deemed, to have been and to be validly
made. The Commissioner General of Inland Revenue is
hereby indemnified from any action civil or criminal, in
respect of the charge or collection of the Land Lease Tax for
the aforesaid period.
22. Where the amount of the Land Lease Tax charged Recovery of any
or collected by the Commissioner General of Inland Revenue difference
between the
under section 21, is less than the actual amount of the Land actual amount
Lease Tax payable by a Lessee under section 6, the and the amount
Commissioner General shall by notice in writing require paid as the Land
Lease Tax.
such Lessee, to pay not later than six months from the date
of the notice, the difference between the actual amount
payable as the Land Lease Tax and the sum already collected
or charged, to the Commissioner-General.
16 Land (Restrictions on Alienation)
Act, No. 38 of 2014
Refund of 23. (1) Where the amount of the Land Lease Tax charged
excess amount or collected by the Commissioner General of Inland Revenue
paid as Land
Lease Tax. under section 21, is in excess of the actual amount of the
Land Lease Tax payable by a Lessee under section 6, the
Commissioner General shall on a written application made
by the person who has paid the excess amount, refund the
excess amount so paid to that person.
(2) The excess amount referred to in subsection (1) shall
be paid to the applicant within six months of the receipt of
the application.
Sinhala text to 24. In the event of any inconsistency between the
prevail in case Sinhala and Tamil texts of this Act, the Sinhala text shall
of inconsistency.
prevail.
Interpretation. 25. In this Act unless the context otherwise requires—
“alienation” means transfer, lease or mortgage of
lands situated within Sri Lanka;
“Apartment Ownership Law” means the Apartment
Ownership Law, No. 11 of 1973;
“Banking Act” means the Banking Act, No. 30 of
1988;
“Citizenship Act” means Citizenship Act (Chapter
349);
“citizen of Sri Lanka” means a citizen of Sri Lanka
in terms of Citizenship Act;
“Companies Act” means the Companies Act, No. 7
of 2007;
“Commissioner General of Inland Revenue” means
the Commissioner General of Inland Revenue
appointed or deemed to be appointed under
the Inland Revenue Act;
Land (Restrictions on Alienation) 17
Act, No. 38 of 2014
“Diplomatic Privileges Act” means the Diplomatic
Privileges Act, No. 9 of 1996;
“foreigner” means a person who is not a citizen of
Sri Lanka;
“foreign company” means a company or a body of
persons incorporated under the laws of any
country other than Sri Lanka;
“Finance Leasing Act” means the Finance Leasing
Act, No. 56 of 2000;
“Finance Leasing Institution” means a Finance
Leasing Establishment registered under the
Finance Leasing Act;
“holding company” has the same meaning assigned
to such expression under the Companies Act;
“Inland Revenue Act” means the Inland Revenue
Act, No. 10 of 2006;
“land” means any State or private land and
includes—
(a) any interest in the land;
(b) any land covered with water; and
(c) any house or building stands on that
land;
“Minister” means the Minister to whom the subject
of Finance has been assigned;
“transfer” means any sale, donation, gift or any
conveyance by or under which the title of
such land passes to another person;
18 Land (Restrictions on Alienation)
Act, No. 38 of 2014
“person” includes a body of persons incorporate or
unincorporated;
“Registration of Documents Ordinance” means the
Registration of Documents Ordinance
(Chapter 117);
“subsidiary” has the same meaning assigned to such
expression under the Companies Act.

Land (Restrictions on Alienation) 19
Act, No. 38 of 2014
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