Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsPersons engaged in finance leasing business on the appointed date
| 44. (1) Every person who is carrying on finance leasing business on the appointed date, may, notwithstanding the provisions of section 2 of this Act, continue to carry on such business for a period not exceeding one year from such appointed date, but shall within that period apply for and obtain a certificate of registration under this Act to carry on such finance leasing business. (2) Where a person referred to in subsection (1) - (a) is registered under this Act, all finance leases entered into by such person hefore such registration shall be deemed to be finance leases entered into under this Act, and the provisions of this Act shall, accordingly apply to and in relation to every such lease ; or (b) does not apply for registration, or is refused registration under this Act, only such finance leases entered into by that person before the expiration of the period referred into subsection (1) or the date of refusal, as the case may be shall remain valid for the periods for which they are entered into. |