We will resume at section 46 and on this the Minister has a number of amendments. Nos. 3, 4, 6, 7, 8 and 9 are related and by agreement they may be discussed together.
SECTION 46.
I move amendment No. 3:
In page 19, subsection (1), lines 6 and 7, to delete "or transfer of property" and substitute "of land".
The amendments in this section are primarily for the purposes of clarification. First of all, section 269 of the 1857 Act from which the section is derived in practice applies only to land. Accordingly the word "land" is being substituted throughout the section for "property" to make it clear that what is being referred to is "land". Secondly, the word "transfer" is being deleted because the word "conveyance" in relation to land is defined in section 3 as including assignment and transfer.
Amendment agreed to.
I move amendment No. 4:
In page 19, subsection (1), line 7, to delete "property" where it secondly occurs and substitute "land".
Amendment agreed to.
I move amendment No. 5:
In page 19, subsection (1), line 9, to delete "may" and substitute "shall".
This amendment is being made to emphasise that the certificate referred to in section 46 must issue. Subsection (2) would be inoperable if a certificate was not issued, and a bona fide purchase for valuable consideration could thereby be prejudiced.
Amendment agreed to.
I move amendment No. 6:
In page 19, subsection (1), line 11, to delete "or transfer".
Amendment agreed to.
I move amendment No. 7:
In page 19, subsection (1), line 13, to delete "or transfer".
Amendment agreed to.
I move amendment No. 8:
In page 19, subsection (2), line 14, to delete "property" and substitute "land".
Amendment agreed to.
I move amendment No. 9:
In page 19, subsection (2), line 16, to delete "or transfer".
Amendment agreed to.
Question proposed: "That section 46, as amended, stand part of the Bill".
Section 46 re-enacts in modern form the existing law with regard to the issue and registration of a certificate of the vesting of the bankrupt's property in the Official Assignee. It provides that if the conveyance or transfer of certain property is required by law to be registered and that property vests in the Official Assignee under section 44, a certificate of the court will be issued to him as evidence of the vesting. Registration of the certificate will have the same effect as registration of the conveyance of the property would have had. That is the effect of subsection (1). The title of a purchaser of any such property for valuable consideration in good faith or without notice of the adjudication who has registered his conveyance before the Official Assignee registers his certificate, under subsection (1), will not be affected by the adjudication unless the Official Assignee registers his certificate within two months of the adjudication. That is subsection (2).
Question put and agreed to.