The customary authority of one director of a board of several, acting alone, is very The customary authority of one director of a board of several, acting alone, is very limited: Contrary to some suggestions, the case is not authority at Court of Appeal level for the novel proposition that one director alone cannot bind a company to a contract. Nor are its particular findings expected to change too much for most ordinary business contracting, as it appears to have been decided very much on its own facts.
It repealed the Land Transfer Act Old Actand is intended to modernise, simplify and consolidate the Old Act and its amendments. In the main, the Act is not intended to change our land transfer laws substantially.
However, some controversy exists regarding the right of an owner to reclaim title under the manifest injustice provisions, arguably eroding the principle of indefeasibility of title. Also, not all changes promoted during consultation have been adopted, pen underwriting australia as placing more onus on mortgagees to verify the identify of their clients, separately defining encumbrances from mortgages, and permitting senior legal executives to certify and sign instruments in Landonline.
Some key changes are set out below. New terminology The Act includes new terminology aimed at modernising the language used. Caveats There is now an express right for an owner of an estate or interest in land to lodge a caveat against their own title where there is a real risk of fraud.
Guaranteed title searches Guaranteed searches back up the security of the land transfer system, by providing a right to compensation if a purchaser of an interest in a land transaction suffers loss due to the registration of a competing interest.
The Act updates these periods to reflect the electronic nature of land transactions by: As with the Old Act, no compensation will be payable if the title search disclosed the competing interest.
Under the Old Act, the calculation for compensation is based on the land value at the time the loss occurred. The High Court may adjust compensation where the amount determined by the prescribed calculation is inadequate or excessive, and may determine at which date the market value should be assessed which may include a revised assessment as at the day of the court judgment.
The High Court may cancel registration of a land transaction and restore title to a person who has been deprived of an estate or interest, or suffered loss, due to that registration. The Court must take into account how the land was acquired, the length of time the parties have owned or occupied the land, the nature of any improvements made, the special characteristics of the land and its significance, and any other relevant circumstances.
However, the Court cannot make an order if the estate or interest has subsequently been transferred to a third person acting in good faith. To reduce the widespread use of encumbrances, the PLA has been amended to allow covenants in gross to be noted on records of title.
This has been long awaited and should provide a registration option which is more palatable especially to banks. It also allows affected owners to seek modification or cancellation of existing encumbrances and replace them with covenants in gross. While encumbrances are commonly used as a mechanism to register covenants, they are also properly but uncommonly used to register rent charges, and encumbrances are still referred to in the parts of the Act governing mortgages.
Encumbrances therefore remain a viable instrument. There are some benefits in using encumbrances over covenants, including exclusion of the covenant modification provisions in the PLA, but, where the real purpose is to require a landowner to do or refrain from doing something for the benefit of another person, a covenant in gross will generally be the appropriate instrument.
Overriding statutes The Act repeals the Statutory Land Charges Registration Actwith the Act dealing with the registration, priorities and release of relevant charges. One of the key changes made in the Regulations is to update the terms implied into certain classes of easements.
The Regulations also update the core information required to be used in land transaction forms.
LINZ has provided template forms, although these remain inconsistent with each other and do not always contain the required core information. New requirements for authority and identity In conjunction with the Act and the Regulations, LINZ has issued new guidelines for authority and identity and the New Zealand Law Society has issued new authority and instruction forms.
The guidelines and forms include greater detail about how clients instruct lawyers and conveyancing practitioners to electronically certify and sign land transfer instruments and how those instructions are required to be confirmed to be valid. In conjunction with the extension of Anti-Money Laundering requirements to lawyers, lawyers now play a key role in confirming that land transactions are free of fraud and other illegal activity.
If you would like further information, please do not hesitate to contact any of our property lawyers. Contact details can be found here.Pen Underwriting Group Pty Ltd company research & investing information.
Find executives and the latest company news. As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.
Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from pfmlures.com We are writing to inform you that with effect from 30 September Berkley Insurance Company trading as Berkley Insurance Australia (BIA) has agreed to sell our Motor and Fleet Motor business to Pen Underwriting Pty Ltd (Pen) [formerly SRS Underwriting Agency Pty Ltd (SRS)].
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