(1) A transfer of a
title is of no force until it has been approved by the Minister and an
instrument of transfer is registered as provided by this section.
(2) Where it is
desired that a title be transferred, one of the parties to the proposed
transfer may make an application in writing to the Minister for approval of
the transfer.
(3) An application for
approval of a transfer of a title shall be accompanied by —
(a) an
instrument of transfer in the prescribed form executed by the registered
holder or, if there are 2 or more registered holders, by each registered
holder and by the transferee or, if there are 2 or more transferees, by each
transferee; and
(b) in a
case where the transferee or one or more of the transferees is not a
registered holder or are not registered holders of the title, an instrument
setting out —
(i)
the technical qualifications of that transferee or those
transferees; and
(ii)
details of the technical advice that is or will be
available to that transferee or those transferees; and
(iii)
details of the financial resources that are or will be
available to that transferee or those transferees;
and
(c) one
copy of the application and of the instrument referred to in paragraph (a).
(4) The Minister shall
not approve the transfer of a title unless the application was lodged with the
Minister within 3 months after the day on which the party who last executed
the instrument of transfer so executed the instrument of transfer or within
such longer period as the Minister, in special circumstances, allows.
(5) Where an
application for approval of a transfer is made in accordance with this
section, the Minister shall enter a memorandum in the register of the date on
which the application was lodged and may make such other notation in the
register as the Minister considers appropriate.
(6) The Minister shall
consider each application for approval of the transfer of a title and
determine whether to approve the transfer.
(7) Where an
application for approval of the transfer of a title is made in accordance with
this section, the Minister shall, by notice in writing served on the person
who made the application, inform the person of the decision of the Minister.
[(8) deleted]
(9) Where the Minister
approves the transfer of a title, the Minister shall forthwith endorse on the
instrument of transfer and on one copy of the instrument a memorandum of
approval and shall, on payment of the fee provided by the Registration Fees
Act, enter in the register a memorandum of the transfer and the name of the
transferee or of each transferee.
(10) Upon the entry in
the register of a memorandum of the transfer of a title and of the name of the
transferee or each transferee in accordance with subsection (9) —
(a) the
transfer shall be deemed to be registered; and
(b) the
transferee becomes the registered holder, or the transferees become the
registered holders, of the title.
(11) Where the
Minister refuses to approve the transfer of a title, the Minister shall make a
notation of the refusal in the register.
(12) Where a transfer
is registered —
(a) the
copy of the instrument of transfer endorsed with the memorandum of approval
shall be retained by the Minister and made available for inspection in
accordance with this Division; and
(b) the
instrument of transfer endorsed with the memorandum of approval shall be
returned to the person who lodged the application for approval of the
transfer.
(13) The mere
execution of an instrument of transfer of a title creates no interest in the
title.
[Section 78 inserted: No. 12 of 1990 s. 201;
amended: No. 28 of 1994 s. 102.]