24Conditions on sale of land vested in Corporation

#### 24 Conditions on sale of land vested in Corporation 24 Conditions on sale of land vested in Corporation (cf Act No 62, 1976, s 14) > > (1) The Corporation may in any contract for the sale of land vested in the Corporation include conditions for or with respect to any or all of the following— > > > > > (a) the erection of any building on that land by the purchaser within a specified period, > > > > > (b) conferring on the Corporation an option or right to repurchase that land if the purchaser has failed to comply with a condition referred to in paragraph (a), > > > > > (c) conferring on the Corporation an option or right to repurchase that land if the purchaser wishes to sell or otherwise dispose of that land before the expiration of a specified period or requiring the purchaser to pay to the Corporation a sum determined in a specified manner where the Corporation does not exercise that option or right, > > > > > (d) the determination of the repurchase price payable by the Corporation under a condition referred to in paragraph (b) or (c). > > > (2) Subsection (1) does not limit the conditions that may be included by the Corporation in any contract for the sale of land. > > > (3) A condition referred to in subsection (1) that is included in a contract of sale does not merge in the transfer of title to the land the subject of the contract of sale on completion of the sale. > > > (4) If the Corporation requests the Registrar-General in a manner approved by the Registrar-General and pays the fee prescribed under the [Real Property Act 1900](/view/html/inforce/current/act-1900-025), the Registrar-General must make in the Register kept under that Act a recording appropriate to indicate— > > > > > (a) that land specified in the request is held subject to a condition authorised under subsection (1), or > > > > > (b) that a recording made in accordance with paragraph (a) has ceased to have effect. > > > (5) The Corporation must not make such a request except for the purpose of ensuring compliance with the conditions in the contract of sale under which the land was sold. However, the Registrar-General need not be concerned to inquire whether any such request has been made for that purpose. > > > (6) If a recording has been made in the Register in accordance with subsection (4) (a) in respect of any land, the Registrar-General must not register under the [Real Property Act 1900](/view/html/inforce/current/act-1900-025) a transfer of that land to or by a person other than the Corporation unless— > > > > > (a) a recording in accordance with subsection (4) (b) has been made in respect of the land, or > > > > > (b) the consent of the Corporation to the transfer has been endorsed on the transfer.