5Protection of purchasers etc

5 Protection of purchasers etc

5 Protection of purchasers etc

(1) No purchaser, mortgagee, lessee or other person dealing with the corporation, and neither the Registrar-General nor the Crown Solicitor nor any other person registering or certifying title shall, upon any sale, exchange, mortgage, lease or other dealing purporting to be made under a power conferred by this Act, be concerned to see or enquire into the necessity for or the propriety or the mode of exercising the power, or be affected by notice that the exercise of the power is unauthorised, irregular or improper, and a receipt for any money payable to the corporation, signed by its treasurer, shall be a sufficient discharge in favour of and shall exonerate the person paying such money from all responsibility for the application of such money.

(2) Where:

(a) an instrument purports to be executed by the corporation and to pass or create an estate or interest in land described in the instrument as being land held in trust for the Settlement,

(b) that land is not under the provisions of the Real Property Act 1900, as amended by subsequent Acts, and

(c) the instrument is registered under the provisions of the Registration of Deeds Act 1897, as amended by subsequent Acts,

such instrument shall:

(i) in favour of every person claiming any estate or interest under or through the instrument, be conclusive evidence against the corporation that the land described in the instrument as being land held in trust for the Settlement was at the time of the execution of the instrument held in trust for the Settlement, and that the corporation had at the time of the execution thereof an estate or interest in the land so described sufficient to make the instrument effective to pass or create the estate or interest which the instrument purported to pass or create, and

(ii) in favour of every person claiming any estate or interest under or through the instrument and having taken for value, without notice that the land in which the instrument purports to create an estate or interest was not land held in trust for the Settlement or that the corporation had not an estate or interest sufficient to make the instrument effective to pass or create the estate or interest which the instrument purports to pass or create and in favour of every person claiming under or through any person having so taken, as against every person claiming under or through an instrument executed before the commencement of this Act, or under or through an instrument executed by the corporation, and not in either of such cases registered under the , as amended by subsequent Acts, before the registration under that Act, as so amended, of the instrument by this subsection made evidence, be conclusive evidence that the land described in the instrument so made evidence as being land held in trust for the Settlement was at the time of execution of the instrument land held in trust for the Settlement, that at the time of such execution the corporation had an estate or interest in the land so described sufficient to make that instrument effective to pass or create the estate or interest which that instrument purported to pass or create and that power had been conferred by or under the constitution on the corporation to execute that instrument.