le
le
that a purchaser who relies on the reduced period of 15 years
may not be fully protected. We therefore recommend that the limitation period in respect of recovery for land be reduced to
12 years.
The Administration is receptive to our suggestion
and is considering amending the Limitation Ordinance as a matter of priority. We look forward to the early removal of
this inconsistency.
Vendors have at times found it difficult to produce an original power of Attorney where the Power was given some considerable time before the conveyancing transaction. Clause 5(c) amends the law so that, unless the contrary intention is expressed, the Vendor is only obliged to produce the original
le le Power of Attorney where it was executed less than 15 years
before the contract for sale.
My group noted that clause 5 (c) as presently drafted may not achieve the desired effect. This subclause will le
therefore be amended so that the presumption that a power of le Attorney was validly executed is conclusive.
cap
le
Clause 9 amends section 20 of the principal ordinance which deals, inter alia, with the execution of deeds.
My group takes the view that witnessing the signing of a document should not be a legal requirement and that a deed may be signed either in the name of a corporation or its authorised agent.
Amendments to this effect have been agreed.
Lastly, the definition of floating charges in flause
18 is not exhaustive and may even create confusion. It has therefore been agreed that the proposed definition be deleted.
Similar amendments should also be made to section 2A(1) of the
Land Registration Ordinance.
We are grateful to the Registrar General, the Law Draftsman and the Legal Department for their assistance and valuable comments, and to the Law Society for its unqualified
support.
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