CMA’s proposed amendments to Apartment Ownership Act
View(s):The Condominium Management Authority (CMA) has finalised proposed amendments to the Apartment Ownership Act No.10 and 11 of 1973 which were recently presented to Justice Minister Ali Sabry by CMA Chairman Sarana Karunaratne
CMA General Manager Dr. Indunil Liyanage, Deputy General Manager Regulatory Nalin Gankanda and Legal Consultant Tissa Perera of CMA and Co-Chairs and the committee members of the legal panel appointed by the Minister of Justice to carry out necessary amendments to the apartment ownership Act also participated at this occasion.
A CMA media release said that the Justice Minister had appointed a legal panel to amend the apartment ownership Act of No.10 and 11 of 1973 to meet today’s demands of the developers and parcel owners in the country.
The committee forwarded those amendments to the Condominium Act to CMA for its observations and suggestions. A thorough study was conducted by the senior management of CMA on those proposals and recently forwarded its suggestions and observations to the Justice Minister and the legal panel appointed by the Minster.
The CMA was established under the Act of Parliament No.39 of 2003 to regulate and monitor Government and private sector condominiums in the country. Since 2003 the CMA has established 1,126 management corporations to monitor and regulate individual condominiums in the country which amounts to approximately 38,573 apartment units.
The release said that the CMA will play a significant role in the development of the Port City.
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