(1) The Registrar-General must reject an application to extinguish a restrictive covenant if, in the opinion of the Registrar-General, the restrictive covenant to which the application relates--(a) is not a building materials covenant, fencing covenant or value of structures covenant, or(b) took effect less than 12 years before the date on which the application was made.
(2) The Registrar-General must reject the application if, for any other reason, the Registrar-General is satisfied that the application should not be accepted.