Where any property
which but for this section would be vested in the body corporate under or by
virtue of this Act consists of any mortgage of or charge upon or estate in
land under the Transfer of Land Act 1893 , or the Land Administration Act 1997
, or the amendments thereof respectively, then such mortgage, charge, or
estate shall be held on trust for or on behalf of the body corporate, and on
application in that behalf by the trustees to the Registrar of Titles or the
chief executive officer of the department principally assisting in the
administration of the Land Administration Act 1997 respectively, and on proof
to his satisfaction of the facts relating thereto and payment of such fees as
would be payable if the application were a transfer, he shall make the proper
entry in the register kept under the provisions of such Acts respectively, and
thereupon, without any formal transfer of such mortgage, charge, or estate the
whole mortgage, charge, or estate shall vest in the body corporate.
[Section 22 amended: No. 81 of 1996 s. 153(1); No.
59 of 2000 s. 51; No. 60 of 2006 s. 162(4).]