27. Section 20B of the principal enactment is hereby amended as follows :-
| (1) in subsections (1) of that section by the substitution for the word "units" of the words "condominium parcels" and by the substitution for the words "Condominium Plan" of the words "Condominium Plan or the Semi Condominium plan" ; |
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| (2) in subsection (2) of that section by the substitution for the words "Condominium Property" of the words "Condominium Property of the Semi Condominium Property and by the substitution for the words "units" of the words "'condominium parcels" ; |
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| (3) by the repeal of subsection (3) of that section and the substitution therefor of the following :-
| | "(3) Immediately after the establishment of the management corporation by virtue of the operation of this Law the Condominium Management Authority shall subject to the provisions in the First Schedule to this Law, summon, not later than three months from the date of such establishment, the first annual general meeting of the management corporation and elect the first council, and such council shall cease to hold office at the next annual general meeting. Upon the elections of the first council, subject to the provisions in the First Schedule, the council shall perform the duties and exercise the powers of the management corporation and conduct the business of the management corporation on its behalf. | | |
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| (4) in subsections (5) and (6) of that section by the substitution for the word ''unit'' of the words "condominium parcel" ; |
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| (5) in subsection (7) of that section by the substitution for the words "owners of all the unit includes the persons entitled to the Condominium Property'' of the words "owners of all the Condominium parcels" includes the persons entitled to the condominium Property or the Semi Condominium Property ; |
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| (6) by the insertion immediately after subsection (7) of that section of the following subsection :-
| | "(8) The management corporation of the registered semi condominium property shall, continue to function as the management corporation of the registered condominium property, immediately after the conversion of such Semi Condominium Property into a Condominium Property, upon registration of such Condominium Property by the Registrar.". | | |
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Sri Lanka Consolidated Acts