Act Number: 54

Act Name: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Year: 2002

Enactment Date: 2002-12-17

Long Title: An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 22: Register of securitisation, reconstruction and security interest transactions.
    (1) For the purposes of this Act, a record called the Central Register shall be kept at the head office of the Central Registry for entering the particulars of the transactions relating to--
         (a) securitisation of financial assets;
         (b) reconstruction of financial assets; and
         (c) creation of security interest.
     (2) Notwithstanding anything contained in sub-section (1), it shall be lawful for the Central Registrar to keep the records wholly or partly in computer, floppies, diskettes or in any other electronic form subject to such safeguards as may be prescribed.
     (3) Where such register is maintained wholly or partly in computer, floppies, diskettes or in any other electronic form, under sub-section (2), any reference in this Act to entry in the Central Register shall be construed as a reference to any entry as maintained in computer or in any other electronic form.
     (4) The register shall be kept under the control and management of the Central Registrar.
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