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Land Registration Act (Northern Ireland) 1970, Paragraph 5 is up to date with all changes known to be in force on or before 10 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F15(1)An overseas entity must not make a registrable disposition of a qualifying estate if [F2, disregarding the possibility of consent under paragraph 4A,] the registration of the disposition is prohibited by—
(a)an inhibition entered under paragraph 3, or
(b)paragraph 4.
(2)If an overseas entity breaches sub-paragraph (1) an offence is committed by—
(a)the entity, and
(b)every officer of the entity who is in default.
(3)Nothing in this paragraph affects the validity of a disposition made in breach of sub-paragraph (1).
(4)Sections 1121 to 1123 of the Companies Act 2006 (liability of officers in default: interpretation etc) apply for the purposes of this paragraph as they apply for the purposes of provisions of the Companies Acts.
(5)In those sections as applied, a reference to an officer includes a person in accordance with whose directions or instructions the board of directors or equivalent management body of an overseas entity are accustomed to act.
(6)A person is not to be regarded as falling within sub-paragraph (5) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.
(7)A person guilty of an offence under this paragraph is liable—
(a)on summary conviction, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both);
(b)on conviction on indictment, to imprisonment for a term not exceeding 5 years or a fine (or both).
(8)Proceedings for an offence under this paragraph may only be brought by or with the consent the Secretary of State or the Director of Public Prosecutions for Northern Ireland.]
F1Sch. 8A inserted (5.9.2022) by Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), s. 69(1), Sch. 5 para. 3; S.I. 2022/876, reg. 4(c)
F2Words in Sch. 8A para. 5(1) inserted (23.6.2023) by The Register of Overseas Entities (Penalties and Northern Ireland Dispositions) Regulations 2023 (S.I. 2023/696), regs. 1(1), 10(5)
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