40. Section 20Q of the principal enactment is hereby amended as follows :"
| (1) by the substitution for the words "Condominium Plan" wherever those words appear in the section of the words "Condominium Plan or Semi Condominium Plan" ; |
|
| (2) by the substitution for the words "Condominium Property" wherever those words appears in that section of the words ''Condominium Property or Semi Condominium Property" ; |
|
| (3) by the substitution for the words "unit" or "units" wherever those words appear in that section of the words "parcel" or "condominium parcels" respectively ; |
|
| (4) in subsection (2) of that section by the substitution for the words "and the lodge with the Registrar", of the words "lodge with the Registrar and the Condominium Management Authority" ; |
|
| (5) by the repeal of paragraph (c) of subsection (8) of that section, and the substitution therefore of the following :"
| | "(c) The Registrar on receipt of the Condominium Title certificates relating to the condominium parcel or condominium parcels, as the case may be shall cancel the Condominium Title certificates make the necessary entries in the registers of Condominium Parcels of the Condominium Property or Semi Condominium Property, and thereafter the transferee shall deal with the land parcel in accordance with the provisions of the Registration of Title Act. No. 21 of 1998.". | | |
|
|
| (6) by the repeal of subsection (10) of that section and the substitution therefor of the following subsection :"
| | "(10) Where a transfer of the Condominium Property or Semi Condominium Property pursuant to subsection (5) has been lodged with and registered by the Registrar, the management corporation shall continue in existence for the purpose of winding up its affairs subject to the supervision of the Condominium Management Authority." ; | | |
|
|
| (7) in subsection (11) of that section by the substitution for the words "the management corporation of the words" the Condominium Management Authority or the Management Corporation ;" ; |
|
| (8) by the repeal of subsection (12) of that section and the substitution therefor of the following :-
| | "(12) Unless and until a liquidator is appointed by court for the purpose of carrying out the winding up of the affairs of the management corporation, the Council of the management corporation, shall continue to perform the management corporations' business for the purpose of winding up its affairs, subject to the supervision of the Condominium Management Authority. On the appointment of a liquidator all the powers of the council of the management corporation shall cease and the liquidator shall have the power to carry on the management corporations' business for the purpose of winding up its affairs subject to the supervision of the Condominium Management Authority. | | |
|
|
| (9) by the repeal of subsection 14 of that section and the substitution therefor of the following :-
| | "(14) The court may on an application by the Condominium Management Authority, a former owner, a former mortgagee or the liquidator and on being satisfied that the affairs of the management corporation have been wound up make an Order that the liquidator be released and that the management corporation be dissolved and on lodgment of such Order for registration under this Law, the Registrar shall then register and cancel the records in the title register in respect of condominium parcels of the condominium property or semi condominium property, and shall notify such cancellation to the Condominium Management Authority'. | | |
|
|
|
Sri Lanka Consolidated Acts