Release of chief executive’s charge on payment of conversion cost etc.
8 Release of chief executive’s charge on payment of conversion cost etc.
This section applies if—
the chief executive receives payment of—
the conversion cost during the payment period; or
the demand amount during the period stated in a notice of intention to sell; or
the chief executive agrees to accept, and receives payment of, a lesser amount in payment of the chief executive’s charge.
The land in the deed of grant is released from the chief executive’s charge.
The chief executive must, as soon as practicable, ask the registrar of titles to record the release of the charge in the freehold land register.
The registrar of titles must, on the chief executive’s request, record the release of the charge in the freehold land register.
No fee is payable for recording the release of the chief executive’s charge under this section.
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