Sri Lanka Consolidated Acts

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Pawnbrokers (Amendment) Law (No. 23 of 1973) - Sect 13

Replacement of the section 28 of the principal enactment

13. Section 28 of the principal enactment is hereby repealed and the following new section substitute therefor:-
28. In every case where a pledge is sold under this Ordinance for more than the amount of the loan and interest due on the date of the sale and the business turnover tax, if any, payable in respect of such loan, the pawnbroker shall-
(a) forthwith give to the pawner of that pledge notice of the amount for which the pledge was sold and of the amount lying to the credit of the pawner after deducting the necessary costs and charges of the sale; and
(b) on demand made within one year from the date of such sale pay to the holder of the pawn ticket relating to that pledge the amount lying to the credit of the pawner; and
(c) if no such demand is made within the said period of one year, forthwith on the expiry of the said period, deposit the amount lying to the credit of the pawner in the nearest Kachcheri to the credit of the pawner.".

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