10(1)This paragraph applies where—
(a)an overseas entity is entered as proprietor in the proprietorship section of the title sheet for a plot of land that is registered in the Land Register of Scotland, having been so entered during the pre-commencement period,
(b)in relation to a lease that was recorded in the General Register of Sasines or registered in the Land Register of Scotland before 8 December 2014, an overseas entity is, by virtue of an assignation of the lease registered in the Land Register of Scotland during the pre-commencement period, the tenant under the lease, or
(c)an overseas entity is the tenant under a lease that was registered in the Land Register of Scotland during the pre-commencement period.
(2)An overseas entity, and every officer of the entity who is in default, commits an offence if—
(a)on the expiry of the transitional period, the paragraph of sub-paragraph (1) that applied in relation to the overseas entity immediately before the beginning of the transitional period continues to apply in relation to the overseas entity, and
(b)the entity is not registered as an overseas entity, has not made an application for registration as an overseas entity that is pending and is not an exempt overseas entity.
(3)A person guilty of an offence under this paragraph is liable—
(a)on summary conviction, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both);
(b)on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine (or both).
(4)Nothing in this paragraph limits the power to give a notice under section 34 at any time.
Commencement Information
I1Sch. 4 para. 10 not in force at Royal Assent, see s. 69
I2Sch. 4 para. 10 in force at 5.9.2022 by S.I. 2022/876, reg. 4(c)