(1) A registrar must
not register or record —
(a) a
dutiable transaction; or
(b) a
transaction record for a dutiable transaction,
in a register of legal
or beneficial interests in dutiable property unless the transaction is duty
endorsed.
Penalty: a fine of $20 000.
(2) In subsection (1)
—
registrar means a person who has the function of
maintaining a register.
(3) If a disposition
of a share in a corporate trustee is a dutiable transaction because of
section 67, a person must not register or record —
(a) the
dutiable transaction; or
(b) a
transaction record for the dutiable transaction,
in the books or
records of the corporation unless the dutiable transaction is duty endorsed.
Penalty: a fine of $20 000.
(4) A contravention of
subsection (3) does not invalidate any right or obligation arising out of the
disposition.
(5) It is a defence to
a charge of an offence under subsection (1) or (3) to prove that the accused
person did not know and could not reasonably have been expected to have known
that —
(a) the
transaction was a dutiable transaction; or
(b) the
transaction was not duty endorsed.