Economic Crime (Transparency and Enforcement) Act 2022 · PART 1 Amendments

7 Land Registration etc. (Scotland) Act 2012 (asp 5)

Sch. 4 para. 7 · in force: yes

Captured statutory text (L5)

7 Land Registration etc. (Scotland) Act 2012 (asp 5)

After section 112 insert—

Offence by overseas entity(112A)

(1)An overseas entity must not deliver to a person a qualifying registrable deed granted by the overseas entity if (disregarding the possibility of consent under paragraph 7(2) of schedule 1A) by virtue of paragraph 2 of schedule 1A the Keeper would be required to reject an application under section 21 for registration of the deed.

(2)A qualifying registrable deed is to be treated as having been granted for the purposes of subsection (1) even if at the time when it is delivered it has been executed by the overseas entity only.

(3)If an overseas entity breaches subsection (1), an offence is committed by—

(a)the entity, and

(b)every officer of the entity who is in default.

(4)Nothing in this section affects the validity of a qualifying registrable deed delivered in breach of subsection (1).

(5)A person guilty of an offence under subsection (3) 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 5 years or a fine (or both).

(6)Sections 1121 to 1123 of the Companies Act 2006 (liability of officers in default: interpretation etc.) apply for the purposes of this section as they apply for the purposes of provisions of the Companies Acts.

(7)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.

(8)A person is not to be regarded as falling within subsection (7) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.

(9)In this section— “overseas entity” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022; “qualifying registrable deed” means a registrable deed which is— a disposition; a standard security; a lease; an assignation of a lease.

Full captured verbatim text

After section 112 insert—

Offence by overseas entity(112A) (1) An overseas entity must not deliver to a person a qualifying registrable deed granted by the overseas entity if (disregarding the possibility of consent under paragraph 7(2) of schedule 1A) by virtue of paragraph 2 of schedule 1A the Keeper would be required to reject an application under section 21 for registration of the deed.

(2) A qualifying registrable deed is to be treated as having been granted for the purposes of subsection (1) even if at the time when it is delivered it has been executed by the overseas entity only.

(3) If an overseas entity breaches subsection (1), an offence is committed by—

(a) the entity, and

(b) every officer of the entity who is in default.

(4) Nothing in this section affects the validity of a qualifying registrable deed delivered in breach of subsection (1).

(5) A person guilty of an offence under subsection (3) 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 5 years or a fine (or both).

(6) Sections 1121 to 1123 of the Companies Act 2006 (liability of officers in default: interpretation etc.) apply for the purposes of this section as they apply for the purposes of provisions of the Companies Acts.

(7) 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.

(8) A person is not to be regarded as falling within subsection (7) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.

(9) In this section—

“overseas entity” has the meaning given by section 2 of the Economic Crime (Transparency and Enforcement) Act 2022;

“qualifying registrable deed” means a registrable deed which is—

a disposition;

a standard security;

a lease;

an assignation of a lease.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Overseas entities must not deliver qualifying registrable deeds that the Keeper would be required to reject under schedule 1A paragraph 2.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

other law external_cite · s. 1121

other law external_cite · s. 1122

other law external_cite · s. 1123

cross-reference internal_cite · s. 2

cross-reference internal_cite · s. 21

Referred to by

schedule ref schedule_ref · Sch. 3 para. 3

schedule ref schedule_ref · Sch. 4 para. 9

schedule ref schedule_ref · Sch. 6 para. 1

schedule ref schedule_ref · s. 33

schedule ref schedule_ref · s. 41

schedule ref schedule_ref · s. 68

Part summaries

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L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (173)

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Instrument tier unavailable

Change history as published

S. 29 omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 1 Amendments
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 5e66d9f415c3a9d7893b4942…
Source: legislation.gov.uk/ukpga/2022/10