Cabinet approval has been granted to present the Draft bill, ‘Surakshithalath Ganudenu’ (‘Secured Transactions’) to Parliament for approval.
According to the government, Cabinet approval was granted in May 2019 to introduce a new act imposing provisions to establish the Secured Transactions Registration Authority.
The new Authority was to be established by repealing the Secured Transactions Act No. 49 of 2009 and by amending the following acts parallel to it.
- Prescription (Amended) Bill
- Trust Receipts (Amended) Bill
- Mortgage (Amended) Bill
- Lease Financing (Amended) Bill
- Inland Trust Receipts (Amended) Bill
- Companies (Amended) Bill
- Document Registration (Amended) Bill
Accordingly, directions were given to the Secretary to the Ministry of Finance by the Cabinet in May 2021 to further study the draft bill prepared by the Legal Draftsman with the relevant authorities.
The relevant draft bills have been updated by the Legal Draftsman and have obtained the clearance of the Attorney General as well.
Thereby, the Cabinet has approved the proposal presented by the President in his capacity as the Minister of Finance to publish the said draft bills in the government gazette notification and thereby table the same in the Parliament for approval. (NewsWire)