14. The following new section is hereby inserted immediately after section 9 and shall have effect as section 9A of the principal enactment:-
| 9A. Upon registration of a Provisional Condominium Plan, each provisional Condominium parcel depicted therein together with the provisional common elements appurtenant thereto, shall be deemed to be absolutely owned by the person described in the relevant plan as the owner of the Provisional Condominium Property, and shall exercise such ownership, subject to the following limitations :-
| | (a) the existence of any mortgages executed prior to the registration of provisional condominium plan, or after the registration of provisional condominium plan securing the land parcel, where the proposed building is to be erected, shall extend to each such provisional condominium parcel, and shall no right to execute any instrument in respect of any of the provisional condominium parcel or land parcel, in favour of any other party, without the consent of the mortgagee or mortgagees ; | | |
| | (b) the existence of any agreements of sale for individual provisional condominium parcel registered at the registrar, shall be recognized as an encumbrance of the absolute ownership, and exercisable, without prejudice to the rights of such prospective purchaser, who is a party to the said agreement of sale ; | | |
| | (c) the owner shall not sell, lease, rent or dispose in any other manner, other than by way of mortgage, the land parcel where the proposed building is to be erected, shown in the registered Provisional Condominium Plan, until the said building is partly completed and registered at the registrar as ''Semi Condominium Property". Where a sale, lease, rent or any other disposition, other than the mortgage, is executed by or on behalf of the owner in contravention of this provisions, shall be null and void and shall have no force of effect in law ; | | |
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Sri Lanka Consolidated Acts