(1) Where the holder
of a Crown lease has executed a mortgage thereof, either before or after the
commencement of the Transfer of Land Act Amendment Act 1911 , and the holder
for the time being under the provisions of such Crown lease becomes entitled
to a Crown grant in fee simple of the land comprised in and demised by such
lease, the mortgage shall, by the operation of the Transfer of Land Act
Amendment Act 1911 , be transferred and apply to such Crown grant, and to the
land thereby granted, in all respects as if such Crown grant had been referred
to in the mortgage, and a memorandum of such mortgage shall be endorsed by the
Registrar of Titles as an encumbrance on such Crown grant and in the Register
on his registering such grant, and a memorandum stating the fact of such
transfer shall also be made by the Registrar of Titles on the instrument of
mortgage.
(2) This section shall
be deemed to have been in operation from the commencement of the
Transfer of Land Act Amendment Act 1909 .
[Section 81I inserted: No. 26 of 1911 s. 2 (as
amended: No. 17 of 1950 s. 75); amended: No. 81 of 1996 s. 55.]
[Heading inserted: No. 31 of 1997 s. 104(1).]
[Heading inserted: No. 31 of 1997 s. 104(1).]