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, 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 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.