Section 121K — Land Transfer Act 1952: Registration of cancellation, etc, of licence

121K Registration of cancellation, etc, of licence (1) Where the company cancels, revokes, rescinds, or accepts the surrender of a registered licence, the company must,— (a) If the company is able to obtain production of the licensee's copy of the licence for the purpose, endorse on it or attach to it a memorandum executed by the company of the cancellation, revocation, rescission, or acceptance of the surrender and forward it to the Registrar, together, in the case of a surrender, with the instrument of surrender duly executed by the company and by the licensee: (b) If the company is unable to obtain production of the licensee's copy of the licence for that purpose, notify the Registrar, by notice in writing executed by the company, of the cancellation, revocation, rescission, or acceptance of the surrender and of the grounds for it, together, in the case of a surrender, with the instrument of surrender duly executed by the company and by the licensee. (2) If the licence is subject to a registered mortgage, the company must also forward to the Registrar together with the licence or notice, as the case may be, forwarded under subsection (1) of this section— (a) A copy of the mortgagee's consent certified as a true copy by the company; or (b) A certificate executed by the company that the notice required by section 121J of this Act to be given to the mortgagee has been duly given and that the matters specified in the notice have not been remedied within the time specified; or (c) The request deposited with the company pursuant to paragraph (c) of subsection (2) of section 121I of this Act. (3) On receipt of the licence or notice forwarded in accordance with paragraph (a) or paragraph (b) of subsection (1) of this section and, where necessary, on compliance by the company with subsection (2) of this section, the Registrar must, without fee, register the cancellation or revocation or rescission or surrender of the licence. (4) No cancellation, revocation, rescission, or surrender to which this section applies has any force or effect until it has been registered under subsection (3) of this section. (5) Where a company contravenes or fails to comply with subsection (1) or subsection (2) of this section,— (a) The company commits an offence and is liable on summary conviction to a fine not exceeding $5,000: (b) Every director of the company commits an offence, and is liable on summary conviction to a fine not exceeding $5,000, unless the director shows that— (i) The company took all reasonable and proper steps to ensure that the requirements of the relevant subsection would be complied with; or (ii) He or she took all reasonable steps to ensure that the company complied with the requirements of the relevant subsection; or (iii) In the circumstances he or she could not reasonably have been expected to take steps to ensure that the company complied with the requirements of the relevant subsection. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124).