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WEDNESDAY, NOVEMBER 16, 1994.
SINCE NOT ALL THE LAND DEEDS CURRENTLY REGISTERED ARE FREE OF CLAIMS, WE PROPOSE THAT THERE WILL BE A PERIOD OF APPROXIMATELY 12 MONTHS AFTER ENACTMENT OF THE BILL BEFORE IT IS BROUGHT INTO OPERATION, THUS ALLOWING PERSONS HAVING UNREGISTERED CLAIMS TIME ΤΟ REGISTER THEM UNDER THE PRESENT SYSTEM. THIS WILL ALSO GIVE THE REGISTRY SOME TIME TO PREPARE FOR CONVERSION TO THE NEW SYSTEM, ENABLE CONVEYANCING SOLICITORS TO FAMILIARIZE THEMSELVES WITH THE OPERATIONAL PROCEDURES.
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IN ORDER то MAINTAIN THE CREDIBILITY AND INTEGRITY OF PROPOSED SYSTEM, WE PROPOSE THAT GOVERNMENT SHOULD CONTINUE ΤΟ BR LIABLE FOR ANY INDEMNITY, UNLIMITED AS TO AMOUNT, FOR LOSS SUFFERED AS A RESULT OF NEGLIGENCE ON THE PART OF THE LAND REGISTRY IN OPERATING THE NEW SYSTEM. SINCE PROPERTY CONVEYANCING UNDER THE NEW SYSTEM WILL STILL BE UNDERTAKEN ON BEHALF OF PROPERTY OWNERS BY PERSONS WHO ARB PROFESSIONALLY QUALIFIED UNDER THE LEGAL PRACTITIONERS ORDINANCE, WE DO NOT PROPOSE THAT GOVERNMENT SHOULD INDEMNIFY PERSONS SUFFERING LOSS AS A RESULT OF NEGLIGENCE OTHER THAN NEGLIGENCE OF THE LAND REGISTRY. AS FOR LOSSES SUFFERED BY MEANS OF INFORMATION ENTERED IN OR OMITTED FROM LAND REGISTRY RECORDS AS A RESULT OF FRAUD, WE PROPOSE THAT GOVERNMENT SHOULD PROVIDE FOR AN INDEMNITY, UP TO A LIMIT TO BE DETERMINED BY THE FINANCIAL SECRETARY, FOR SUCH FRAUD BY FITHER THE LAND REGISTRY STAFF OR ANYONE OUTSIDE THE LAND REGISTRY.
IT IS INTENDED THAT THE FUNDING FOR INDEMNITIES BE SELF- FINANCING WITH NO SUBSIDY FROM GENERAL REVENUE. A SEPARATE RESERVE FUND, WHICH WILL BE BUILT UP BY SETTING ASIDE PART OF THE REGISTRATION FEES, WILL BE ESTABLISHED WITHIN THE LAND REGISTRY TRADING FUND FOR THIS PURPOSE. IN CASE OF ANY CLAIMS THAT CANNOT BE MET BY THE RESERVE FUND,
GOVERNMENT WILL PROVIDE A DRAW-DOWN LOAN FACILITY TO MEET THE BALANCE OF PAYMENTS.
MR PRESIDENT, THE PROPOSED TITLE REGISTRATION SYSTEM IS NECESSARY TO PROVIDE CERTAINTY OF TITLE FOR EXISTING OWNERS AND A HIGHER DEGREE OF PROTECTION FOR PURCHASERS THAN THE PRESENT LAND DEEDS REGISTRATION SYSTEM. I COMMEND IT то MEMBERS FOR FAVOURABLE CONSIDERATION.
THANK YOU, MR PRESIDENT.
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