Section 121N — Land Transfer Act 1952: Transfer of shares on exercise of power of sale by mortgagee of licence

121N Transfer of shares on exercise of power of sale by mortgagee of licence (1) In the event that a registered licence that is subject to a registered mortgage is transferred to the mortgagee or to any other person in the exercise of a power of sale contained or implied in the mortgage, the mortgagee is entitled to execute a transfer to itself or, as the case may be, to that other person of the shares to which the licence relates as if the mortgagee had been appointed the attorney of the licensee for that purpose by an irrevocable power of attorney. (2) Subject to any provision in its constitution requiring the approval of the directors of the company or of the company to the transfer, the company must register a transfer of shares executed pursuant to subsection (1) of this section and in the proper form on presentation of the transfer to it. (3) Notwithstanding anything contained in the constitution of the company, the approval of the directors of the company or of the company to the transfer of the shares must not be unreasonably withheld. 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).