514Registration of transfer

514 Registration of transfer

(1) This section applies if the Minister approves the transfer of a title.

(2) The Minister must immediately endorse on—

(a) the instrument of transfer; and

(b) the copy of the instrument of transfer—

a memorandum of approval.

(3) On payment of the fee determined under section 557, the Minister must enter in the Register a memorandum of—

(a) the transfer; and

(b) the name of the transferee or of each transferee.

(4) On the entry in the Register of the memorandum—

(a) the transfer is taken to be registered; and

(b) the transferee becomes the registered holder, or the transferees become the registered holders, of the title.

(5) If the transfer is registered—

(a) the copy of the instrument of transfer endorsed with the memorandum of approval must be—

(b) the instrument of transfer endorsed with the memorandum of approval must be returned to the person who applied for approval of the transfer.