1 This Regulation may be cited as the Lost Property Regulation

2. Any person throughout Sri Lanka who may find any money or goods, of whatsoever description the same may be, do and shall bring the same forthwith to the police officer or the Grama Niladhari of the division or village in which the same may be found, which said police officer or Grama niladhari shall forthwith report the circumstance to the nearest Magistrate, who shall cause public notice to be given of the same ; and the finder shall, if no fraud appear to have been by him committed in the matter, receive from the person who may substantiate, within six months, a right to the property so found, one-tenth of the value thereof ; and if no claimant shall appear or prove his right to the property within the period of six months, then the Magistrate shall cause the same to be sold, if the same be not money and shall pay one-half of the proceeds, or of the money, to the finder, and the remainder into the Treasury to the credit of the Consolidated Fund.

3. Any person who shall be convicted of a breach of this Regulation shall be subject to punishment by fine or imprisonment, either with or without being employed at hard labour, at the discretion and according to the powers of the court or Magistrate before whom such conviction may take place.