(1) The Authority, if of opinion that a person has contracted to purchase or take a lease of registered land or to lend money on the security of a charge on it, shall, on application by the person and on notice by the person to the other party to the contract, make an entry in the register in the prescribed form.
(2) An application for registration by such a person in relation to the completion of the contract which is in order and is delivered to the Authority within a period of 21 days (or such longer period as may be prescribed) after the date of the entry ranks in priority before any other application for registration made within that period in respect of the land.
(3) In determining whether to prescribe a longer period than 21 days under subsection (2) and the duration of any such period, the Registration of Deeds and Titles Rules Committee shall have regard to -
(a) changes in the period generally elapsing between applications by persons under subsection (1) and those made by suc
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