(a) land is the subject of a deed of grant issued under part 4 (the
"existing deed" ); and
(b) a deed of grant (the
"new deed" ) over the whole or a part of the land takes effect under
section 77;
the existing deed is cancelled, to the extent of the new deed, by
operation of this section.
(2) The Minister must cause notice to be given to
the registrar of the day of delivery of the new deed to the grantees and the
registrar must note the cancellation of the existing deed in the register
accordingly.
(3) The trustee that holds the existing deed must, on receipt of
notice by the Minister so to do, deliver the existing deed to the chief
executive within such reasonable period, as is specified in the notice.
(4)
If the existing deed is cancelled only in relation to part of the land, the
chief executive must prepare and issue to the trustee that holds the deed a
deed of grant under the Land Act (the
"replacement deed" ) over the remaining part of the land.
(5) The
replacement deed is, for the purposes of this Act, taken to be a deed of grant
prepared and issued under part 4 .
(6) The chief executive must endorse on
the replacement deed, in the proper order of priority, the instruments under
which existing relevant interests arose.
