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| Debt Conciliation (Amendment) |
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AN ACT TO AMEND THE DEBT CONCILIATION ORDINANCE.
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BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:-
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[23rd June
, 1983 ]
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Short title.
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1. This Act may be cited as the Debt Conciliation (Amendment) Act, No. 20 of 1983.
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Amendment of section 19A of Chapter 81.
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2. Section 19A(inserted by Act No. 5 of 1959) of the Debt Conciliation Ordinance (hereinafter referred to as the principal enactment) is hereby amended, by the repeal of subsection (1) of that section, and the substitution therefor, of the following subsection:”
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“(1) The Board shall not entertain any application by a debtor or creditor in respect of a debt purporting to be secured by any such conditional transfer of immovable property as is a mortgage within the meaning of this Ordinance unless that application is made before the expiry of the period within which that property may be redeemed by the debtor by virtue of any legally enforceable agreement between him and his creditor. “.
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Amendment of section 64 of the principal enactment
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3. Section 64 of the principal enactment as amended by Act No. 5 of 1959, is hereby further amended, by the substitution, for the definition of ” debtor “, of the following definition:”
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” debtor” means a person”
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(i) who has created a mortgage or charge over any immovable . property or any part thereof and whose debts in respect of such property exceed the prescribed amount; or
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(ii) who is a transferee of a right of redemption on a conditional transfer,
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and includes the heirs, executors and administrators of such person.’.
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