Sri Lanka Consolidated Acts

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Apartment Ownership (Amendment) Act (No. 39 of 2003) - Sect 13

Replacement of section 9 of the principal enactment

13. Section 9 of the principal enactment is hereby repealed and the following section substituted therefor :-
9
(1) Upon registration of the Condominium plan or semi Condominium Plan, each building or partly completed building depicted in the Condominium Property or Semi Condominium Property shall be deemed to be divided into units and identified therein and thereupon the common elements shall be held by the owners of all the condominium parcels as tenants in common proportional to their respective share parcels and for the same term and tenure as their respective condominium parcels are held by them.
(2) The Registrar on registration of the Condominium Plan or Semi Condominium Plan shall certify therein the share which the owner of a condominium parcel has in the common elements.
(3) The share value which each owner of a condominium parcel has in the common elements shall be given according to the user of such condominium parcel whether commercial or residential or otherwise, as the case may be.
(4) Notwithstanding anything to the contrary in any other law but subject to the provisions of this Law, after the registration of a Condominium Plan, or Semi Condominium Plan, any condominium parcel depicted therein together with the common elements appurtenant thereto may be held and dealt with in the same manner and form as any land.
(5) Upon registration of a Condominium Plan, or Semi Condominium Plan, each condominium parcel depicted therein together with the common elements appurtenant thereto shall be deemed to be absolutely owned by the person or persons described in the relevant plan as the owner or owners of the Condominium Property or the Semi Condominium Property, as may be applicable without prejudice to the right of the mortgagee to exercise the right of execution of parate or to obtain monetary compensation in terms of the law relevant to such mortgage, or to the right of any other person to obtain monetary compensation for any loss suffered as a result of any mortgage, agreement for sale or interest he had in the Condominium Property or in the Semi Condominium Property before such registration, being adversely affected.'.

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