(1) The proprietor of
land or of a lease mortgage or charge or of any estate right or interest
therein respectively may transfer the same by a transfer in an approved form.
(1A) Upon the
registration of the transfer the estate and interest of the proprietor as set
forth in such instrument or which he shall be entitled or able to transfer or
dispose of under any power with all rights powers and privileges thereto
belonging or appertaining shall pass to the transferee; and such transferee
shall thereupon become the proprietor thereof and whilst continuing such shall
be subject to and liable for all and every the same requirements and
liabilities to which he would have been subject and liable if he had been the
former proprietor or the original lessee mortgagee or annuitant.
(2) Where the
consideration for a transfer is not a sum of money, the true consideration
shall be concisely stated.
[Section 82 amended: No. 17 of 1950 s. 20; No. 81
of 1996 s. 56; No. 6 of 2003 s. 30; No. 19 of 2010 s. 51.]