(1) A registering authority must, on written application by a
transferee entity, register or record in the appropriate way the transfer of
an asset, liability or instrument under a transfer scheme or transfer notice
to the transferee entity.
(2) A regulation may exempt the transferee entity
or the transferor to the transferee entity from complying with a relevant
procedure required by the registering authority or under another law for the
purpose of registering or recording the transfer.
(3) Subject to
subsection (2) the transferee entity must comply with the procedures.
(4) In
this section—
"registering authority" means the registrar or another entity required or
authorised by law to register or record transactions affecting or relating to
assets, liabilities or instruments.
"transferee entity" means the entity to which an asset, liability or
instrument is transferred under a transfer scheme or transfer notice.
