20.
| (1) Section 85 of the principal Act is hereby amended as follows :-
| | (a) by the repeal of subsection (1) of that section and the substitution therefor of the following new subsection :-
| | | " (1) Where the mortgaged land is sold, the appropriate authority shall sign a certificate of sale and thereupon all the right, title and interest of the borrower to and in the land shall vest in the purchaser. " ; and |
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| | (b) in subsection (4) of that section-
| | | (i) by the substitution, for the full stop at the end of that subsection, of a colon, and |
| (ii) by the addition, at the end of that subsection, of the following proviso :- |
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| (2) The amendment made in the principal Act by sub-paragraph (ii) of paragraph (b) of subsection (1) shall be deemed to have taken effect on the date of commencement of the principal Act and accordingly the Commissioner shall be entitled to a refund of all stamp duties and registration charges paid by him before the date of commencement of Act No. 36 of 1966 in respect of certificates of sale issued to him under section 85 of the principal Act. |
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Sri Lanka Consolidated Acts