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Acts & Ordinances SECURED TRANSACTIONS (AMENDMENT) ACT Marginal Notes 1. Short title and date of operation 2. Application of the Act 3. Exemption from the application of the Act 4. Attaining perfection 5. Subordination of unperfected security rights 6. Establishment of the Secured Transactions Registration Authority 7. Object of the Authority 8. Duties and functions of the Authority 9. Powers of the Authority 10. Board of Directors of the Authority 11. Meetings of the Board 12. Seal of the Authority 13. Fund of the Authority 14. Financial year and the audit of accounts 15. Application of Part II of the Finance Act, No. 38 of 1971 16. The Registrar 17. Staff of the Authority 18. Remunerations to be paid to the Registrar and officers and employees of the Authority 19. Freedom of contract 20. Creation of a security right 21. Security right in movable property acquired after the agreement 22. Future advances 23. Agreement not to assert defence against an assignee 24. Application of the Sale of Goods Ordinance 25. Acceleration clauses 26. Custody and preservation of collateral by a secured party 27. Obtaining information about the security agreement 28. Power of court to issue an order of compliance 29. Perfection of a security right 30. Temporary perfection 31. Perfection as to proceeds 32. Perfection where the goods are held by a bailee 33. Perfection and priority of returned, seized or repossessed goods 34. Transactions in the ordinary course of business 35. Negotiable instruments, &c 36. General rules governing priority 37. Priority of acquisition security rights 38. Priority of items for materials and services 39. Security right in crops 40. Security right in fixtures 41. Security right in accession 42. Security right in processed or comingled assets 43. Right to payment under a lease of immovable property 44. Right to payment under a mortgage of immovable property 45. Voluntary subordination 46. Alienation of a debtor?s rights in collateral 47. Assignment of intangibles etc, and rights of third party account debtors 48. Registration of security rights and the establishment of the Register 49. Application for registration of security rights 50. Financing statement 51. When a registration becomes effective 52. Verification statement 53. Errors in the financing statement 54. Amendment of a registered financing statement 55. Extension or discharge of registration 56. Rejection of an amendment to a financing statement 57. Notice of transfer 58. Notice of subordination 59. Searches 60. Debtor etc, may require amendment statement 61. Entitlement to damages for incorrect filing 62. Requirement to notify the Authority about the appointment of a receiver, & c., 63. Filing of a financing statement not to consitute a notice 64. Inconsistency with the provisions of this Act 65. Action for damages 66. A court's powr to determine priorities and entitlements to collateral 67. Service of notices 68. Conflicts with the provisions of any other law 69. Members, the Registrar and officers and employees, deemed to be public servants 70. Authority deemed to be a Scheduled Institution 71. Expenses to be paid out of the Fund of the Authority 72. Regulations 73. Rules 74. Repeals and savings 75. Interpretation 76. Sinhala text to prevail in case of inconsistency