5. The following new section is hereby inserted immediately after section 21, and shall have effect as section 21A, of the principal enactment: -
| 21A. In any proceedings under this Ordinance in regard to an application relating to a conditional transfer of immovable property, the Board shall, for the purpose of deciding whether or not such transfer is in reality a mortgage, take into consideration all the circumstances of the case and in particular the following matters : -
| | (a) the language of the notarial instrument of transfer and, where provision in regard to the right of the transferor to redeem the property transferred is contained in any-other notarial instrument, the language of that other instrument; | | |
| | (b) any difference between the sum received, by the transferor from the transferee and the value of the property transferred ; | | |
| | (c) the continuance of the transferor's possession of the property transferred ; and | | |
| | (d) the existence of a legally enforceable agreement between the transferor and the transferee whereby the transferor is bound to pay the transferee interest, or any sum which may reasonably be considered to be interest, on the sum received by the transferor from the transferee.". | | |
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Sri Lanka Consolidated Acts