Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007

Schedules

Schedule 2 : Protocol

Chapter I : Sphere of Application and General Provisions

Article V - Formalities, effects and registration of contracts of sale
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(1)For the purposes of this Protocol, a contract of sale is one which—
(a)is in writing;
(b)relates to an aircraft object of which the seller has power to dispose; and
(c)enables the aircraft object to be identified in conformity with this Protocol.

 

(2)A contract of sale transfers the interest of the seller in the aircraft object to the buyer according to its terms.

 

(3)Registration of a contract of sale remains effective indefinitely. Registration of a prospective sale remains effective unless discharged or until expiry of the period, if any, specified in the registration.