Press briefing of Cabinet Decision taken on 2023-10-09

Bill titled as 'Secured Transactions'

- The Cabinet at its meeting held on 2018-06-19 has granted approval to repeal the Secured Transactions Act, No. 49 of 2009 and introduce a fresh Act imposing provisions to establish the Secured Transaction Registration Authority and amend the Acts concurrently as follows.

• Prescription (Amendment) Bill
• Trust Receipts (Amendment) Bill
• Mortgage (Amendment) Bill
• Finance Leasing (Amendment) Bill
• Inland Trust Receipts (Amendment) Bill
• Companies (Amendment) Bill
• Registration of Documents (Amendment) Bill

Accordingly, the Secretary, Ministry of Finance, Economic Stabilization and National Policies has been instructed at the Cabinet meeting held on 2021-05-03 to examine further on Bills prepared by the Legal Draftsman along with the relevant authorities. The relevant Bills have been updated by the Legal Draftsman and have received the clearance of the Attorney General. The proposal made by the Hon.President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said Bills in the Government Gazette and thereafter, submit them to Parliament for approval, was approved by the Cabinet.