sec.98Vesting of precinct property in precinct body corporate

sec.98 Vesting of precinct property in precinct body corporate

On registration of the precinct plan of subdivision creating lots comprising the precinct property and registration of the necessary transfer by the registrar of titles, the lots are transferred to the precinct body corporate. If land that is to become precinct property is mortgaged, the transfer may be registered only if the mortgage has been released. The registrar of titles must issue certificates of title in the name of the precinct body corporate. The precinct body corporate must not be required to make any payment or provide any consideration for the transfer. This section does not affect the operation of section 150 . (sec.98-ssec.1) On registration of the precinct plan of subdivision creating lots comprising the precinct property and registration of the necessary transfer by the registrar of titles, the lots are transferred to the precinct body corporate. (sec.98-ssec.2) If land that is to become precinct property is mortgaged, the transfer may be registered only if the mortgage has been released. (sec.98-ssec.3) The registrar of titles must issue certificates of title in the name of the precinct body corporate. (sec.98-ssec.4) The precinct body corporate must not be required to make any payment or provide any consideration for the transfer. (sec.98-ssec.5) This section does not affect the operation of section 150 .