- (a) in the case of land which falls within section 2(1), the 12th anniversary of the appointed day; and
- (b) in the case of land which falls within section 2(2), the date determined under section 2(3).
4. Effect of deeming
(1) On the date of first registration of LRO land, there shall vest in the owner of the land the same legal estate or equitable interest and rights as would have been vested in him if the land had been transferred to him and he had been registered as the owner of land under section 25 of this Ordinance.
(2) Subject to subsection (3), the deeming of LRO land to be registered land under section 2 shall not affect the validity or enforceability of any interest—
- (a) existing immediately before the date of first registration of the LRO land;
- (b) affecting the LRO land;
- (c) which was not registered under the Land Registration Ordinance (Cap. 128) (and whether or not it was capable of registration under that Ordinance); and
- (d) which was, immediately before the date of first registration, enforceable against the LRO land.
(3) An interest mentioned in subsection (2) in relation to LRO land deemed to be registered land shall not be enforceable against the land after the sale of the land to a purchaser for valuable consideration after the date of first registration of the land under this Ordinance.
PART 3
Conversion of Long Term Leases
5. When long term lease becomes registered long term lease
Where, on the date of first registration of any LRO land, the land is subject to a long term lease registered under the Land Registration Ordinance (Cap. 128), then on that date the long term lease shall be deemed to be a registered long term lease, and all the provisions of this Ordinance shall apply to the lease accordingly.
6. Date of first registration
The date of first registration of a long term lease is the date on which the lease was deemed to be a registered long term lease under section 5.
7. Effect of deeming
(1) On the date of first registration of a long term lease, there shall vest in the lessee of the lease the same interest and rights as would have been vested in him if he had been registered as the lessee of the lease under section 26 of this Ordinance.
(2) Subject to subsection (3), the deeming of a long term lease to be a registered long term lease under section 5 shall not affect the validity or enforceability of any interest—
- (a) existing immediately before the date of first registration of the long term lease under this Ordinance;
- (b) affecting the land;
- (c) which was not registered under the Land Registration Ordinance (Cap. 128) (and whether or not it was capable of registration under that Ordinance); and
- (d) which was, immediately before the date of first registration of the long term lease under this Ordinance, enforceable against the land.
(3) An interest mentioned in subsection (2) in relation to land shall not be enforceable against the land after the sale of the land to a purchaser for valuable consideration after the date of first registration of the long term lease under this Ordinance.
