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Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)

Part IV : Risk Management and other Operational Matters

41. Preparation and execution of documents and exemption from stamp duties and other fees

 

 

(1) Notwithstanding the provisions of any other law and for purposes of carrying out the Bank's functions—
(a) any deed of transfer, mortgage bond, notarial bond or document relating to any other security acquired or disposed of by the Bank within the course and scope of its business may be prepared and executed by any employee of the Bank specially appointed by the Bank for that purpose, and that employee may, with respect to that document, perform the functions of a conveyancer or a notary public even if he or she is not admitted as such, and all such deeds, bonds or other documents must, if registrable, be accepted for registration in any deeds registry or other registration office of the Republic;
(b) any person admitted as a conveyancer or a notary public, employed by the Bank and rendering professional conveyancing or notarial services to the Bank is not obliged to charge a fee for such services;
(c) no stamp or transfer duty is payable in respect of any transfer of property to the Bank and no charge or fee of office is payable in respect of any note made on any document at the request of the Bank in any deeds registry or other registration office or in respect of the cancellation of any such note;
(d) the Bank is not liable for the payment of any search or inspection fee in any master’s office, surveyor-general’s office, deeds registry or other registration office.

 


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