71.
| (1) Subject to the provisions of subsection (2),the Bank is hereby authorized to acquire the whole or any part of any agricultural, residential or business premises, if the Bank is satisfied that those premises were, at any time before or after the appointed date but not earlier than the first day of January, 1956,-
| | (a) sold in execution of a mortgage decree entered by a court against the owner of such premises (hereafter in this Part of this Act referred to as the " original owner"); or | | |
| | (b) transferred by the owner of those premises (hereafter in this Part of this Act referred to as the " original owner ") or his heirs, executors or administrators to any other person or the heirs, executors or administrators of any other person in satisfaction of a debt which was due from the original owner or his predecessor in title to that other person and which was secured by a mortgage of those premises subsisting immediately prior to the transfer; or | | |
| | (c) transferred by the owner of those premises (hereafter in this Part of this Act referred to as the " original owner") or his heirs, executors or administrators to any other person, at the request of a mortgagee of those premises, in satisfaction or part satisfaction of a debt which was due from the original owner or his predecessor in title to that mortgagee and which was secured by a mortgage of those premises subsisting immediately prior to the transfer; or | | |
| | (d) transferred by the owner of such premises to any other person after receiving from such other person a sum of money as consideration for such transfer and upon the condition that, on the repayment by the transferor, (hereafter in this Part of this Act referred to as the " original owner ") of that sum together with interest thereon within a specified period such other person will re-transfer those premises to the original owner. | | |
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| (2) No premises shall be acquired under subsection (1) -
| | (a) unless an application in that behalf has been made to the Bank by the original owner of such premises or, where such original owner is dead or is of unsound mind or otherwise incapable of acting, by the spouse or any descendant of such person; or | | |
| | (b) unless the Bank is satisfied that the average statutory income of the person making the application and of the other members of the family of which he is the head, computed under the provisions of the written law relating to the imposition of income tax, for the three years of assessment immediately preceding the date on which such application was made by him, does not exceed a sum of ten thousand rupees; or | | |
| | (c) if the Bank is satisfied-
| | | (i) that the premises to which the application relates are reasonably required for occupation as a residence for the owner of those premises or any member of the family of such owner or for the purposes of any trade, business, profession, vocation or employment of such owner or any member of his family and that such owner or member of his family has no other premises which could be used for the purpose for which the premises to which the application relates are being used, or |
| (ii) that the premises to which the application relates were, prior to the date of registration of the notice referred to in paragraph (b) of subsection (4), purchased bona fide for valuable consideration by the owner of such premises from the person to whom such premises were sold or transferred in any of the circumstances specified in subsection (1) or from any other person to whom such premises were subsequently transferred by such person; or |
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| | (d) unless, in the case of an application relating to any agricultural premises, the Bank is satisfied that the applicant is not the owner of any other agricultural premises exceeding ten acres in extent. | | |
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| (3) The question whether any premises which the Bank is authorized to acquire under this Part of this Act should or should not be acquired shall be determined by the Bank and every such determination of the Bank shall be final and conclusive and shall not be called in question in any court. |
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| (4) Where the Bank has determined that any premises shall be acquired for the purposes of this Part of this Act, the Bank shall-
Every notice under paragraph (b) shall be registered by the Registrar of Lands in the manner provided in the Registration of Documents Ordinance for the registration of an instrument affecting or relating to land and shall be deemed for such purposes to be an instrument affecting or relating to the premises the prescribed particulars of which are set out in such notice. | | (a) notify such determination to the owner of such premises; and | | |
| | (b) cause a notice to be delivered or transmitted to the proper Registrar of Lands for registration, setting out the prescribed particulars relating to those premises and stating that those premises are to be acquired under this Part of this Act. | | |
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* 10th January, 1964. Gazette Extraordinary No. 13,904 of 6th January, 1864. |
Sri Lanka Consolidated Acts