Deeds Registries Act, 1937 (Act No. 47 of 1937)Chapter III : Registration of LandTransfer of Land24bis. Transfer from firm or partnership |
| (1) | If land or a real right registered in the name of a firm or partnership is acquired by any member or partner of such firm or partnership in his individual capacity, transfer or cession thereof shall be given by all the members or partners constituting such firm or partnership: Provided that in any other case land or real rights owned by a firm or partnership may be dealt with by such firm or partnership as provided in the regulations. |
| (2) | If on dissolution of a firm or partnership any land or real right owned by such firm or partnership is awarded to all the members or partners, the registrar shall on written application signed by all the members or partners constituting such firm or partnership, accompanied by proof of dissolution and such other documents as may be required or prescribed, endorse on the title deed of the land or real right that such land or real right vests in the individuals therein named, and thereupon such persons shall be entitled to deal therewith as if they had taken formal transfer or cession in their names of their shares in such land or real rights. |
| (3) | If the land or real right referred to in subsection (2) is hypothecated under a registered mortgage bond, the endorsement contemplated in the said subsection shall not be made unless such bond is cancelled or the holder thereof consents in writing (in duplicate) to the substitution of the individual members or partners as debtors under the bond: Provided that such substitution shall not be allowed unless— |
| (i) | the individual members or partners apply in writing to be substituted, jointly and severally, as debtors under the bond; such application to be in duplicate and witnessed; and |
| (ii) | the individual members or partners are competent to mortgage the land; and |
| (iii) | where applicable, the individual members or partners renounce in the said application the exception de duobus vel pluribus reis debendi; and |
| (iv) | [Section 24bis(3)(iv) deleted by section 3 of Act No. 11 of 1996] |
[Section 24bis(3) inserted by section 9 of Act No. 87 of 1965]
[Section 24bis inserted by section 9 of Act No. 43 of 1962]