Section 33(1)

Duty of proprietor to register as an overseas entity within transitional period

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(1) An overseas entity, and every officer of the entity who is in default, commits an offence if -

(a) at the end of the transitional period, the entity -

(i) is the registered proprietor of a qualifying estate, but

(ii) the entity is not registered as an overseas entity, has not made an application for registration as an overseas entity that is pending and is not an exempt overseas entity, and

(b) the entity became the registered proprietor of that qualifying estate in pursuance of an application made on or after 1 January 1999 but before the commencement date.

(2) A person guilty of an offence under this paragraph is liable -

(a) on summary conviction, to imprisonment for a term not exceeding the maximum summary term for either-way offences or a fine (or both);