Clause 8

by deleting subsection (2) and substituting the following subsection:“(2) A caution recorded on any qualified folio (whether created under this Act or the repealed Land Titles Act (Cap. 157, 1985 Ed.)) shall lapse in one of the following ways:

if, after the creation of the qualified folio, a purchaser for valuable consideration and without fraud becomes registered as proprietor of an estate or interest in the land comprised in the folio, the caution shall lapse as regards the estate or interest on the expiration of 5 years after the date of the last deed which was cancelled by the Registrar on the creation of the folio; or

if, immediately before the expiration of 10 years after the creation of the qualified folio, the caution affecting the folio has not lapsed as regards all estates and interests in the land comprised in the folio or has not been cancelled, the caution shall lapse —

on the expiration of that period; or

on the expiration of 24 months after the date of commencement of section 8 of the Land Titles (Amendment) Act 2001,whichever is the later.”;

by inserting, immediately after the words “the Registrar shall,” in the 2nd and 3rd lines of subsection (4), the words “of his own motion or”; and

by deleting subsection (7).