2. Section 8L of the Urban Development Authority Law, No. 41 of 1978 (inserted by Act No. 49 of 1987) (hereinafter referred to as the " principal enactment") is hereby amended as follows :
| (1) in subsection (1) thereof, by the substitution for all the words from " Where any building is constructed" to " in respect of such construction; and", of the following :
| | " (1) Where any building, being a building comprised in a property development project approved under section 22 (B) of the Inland Revenue Act; No. 28 of 1979, is constructed in a development area under, and in accordance, with a permit issued under section 8J, then, notwithstanding anything in the Municipal Councils Ordinance and the Urban Councils Ordinance | | |
| | (a) a remission of eighty per centum of the rates assessed on such building, under any such Ordinance shall be allowed by the Municipal Council or the Urban Council, as the case may be, for a period of five years calculated from the date of first assessment, of such building ; and " ; and | | |
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| (2) in subsection (2) of that section, by the substitution, for the words " any building is redeveloped ", of the words " any building being affected property within the meaning of the Rehabilitation of Persons, Properties and Industries Act, No. 29 of 1987, is redeveloped ". |
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Sri Lanka Consolidated Acts