If a registered owner of a lot subject to a time share scheme proposes to transfer to each participant in the scheme an interest as tenant in common with other participants, the registrar may create in the name of the registered owner—
(a) separate indefeasible titles for each interest by including a separate set of particulars in the freehold land register for each interest; or
(b) a single indefeasible title for several interests by including a single set of particulars in the freehold land register for the interests.