Pawnbrokers (Amendment) Act (No. 11 of 1963)

Sri Lanka Consolidated Acts

Insertion of new section 23a in the principal enactment. [ 5, 55 of 1956,]

6. The following new section is hereby inserted immediately after section 23, and shall have effect as section 23A, of the principal enactment: -

23A.

	(1) Where in any prescribed circumstance any pledge is lost while in pawn with any pawnbroker, the security furnished by such pawnbroker shall be applied in the prescribed manner to the payment of compensation to the pawner or to any other person entitled to redeem such pledge.

	(2) Where a person ceases to carry on the business of a pawnbroker, the amount of the security furnished by him less any sum applied therefrom to the payment of such compensation as is referred to in subsection (1) shall be returned to him.