Rules to regulate conveyancing transactions, etc.
73D.—(1)  The Minister may make rules to regulate conveyancing transactions and the receipt, holding and distribution of conveyancing money.
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(2)  Without prejudice to the generality of subsection (1), the rules made under this section may —
(a)specify what constitutes —
(i)a conveyancing transaction; and
(ii)conveyancing money;
(b)prohibit such persons as may be prescribed from holding conveyancing money, except in such circumstances and subject to such conditions as may be prescribed;
(c)require any person referred to in paragraph (b) who receives any conveyancing money to deposit the money with any entity appointed by the Minister under subsection (3);
(d)provide for the receipt, holding and distribution of conveyancing money by any entity referred to in paragraph (c);
(e)prescribe the terms and conditions which shall apply to every conveyancing transaction;
(f)provide for measures to ensure compliance with the requirements of the rules;
(g)provide for any person who is required by the rules to countersign any document for the purpose of facilitating the payment of any conveyancing money to be protected from liability for countersigning that document in accordance with the rules, if his act of countersigning that document —
(i)was done in good faith; and
(ii)did not involve any fraud or wilful misconduct on his part;
(h)provide that any contravention of any provision of the rules shall be an offence punishable with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 3 years or with both;
(i)exempt any person or entity, or any class of persons or entities, from any provision of the rules; and
(j)contain such transitional, savings or other consequential provisions as the Minister considers necessary or expedient.
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(3)  The Minister may, by the rules made under this section, appoint, upon such conditions as he may think fit, any entity or class of entities as an entity, or a class of entities, with which conveyancing money may be deposited for the purposes of the rules.
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(4)  Where an agreement entered into on or after 1 August 2011 in respect of a conveyancing transaction contains any contractual term that is inconsistent with the rules made under this section, that term shall, to the extent of the inconsistency, not have effect.
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(5)  The Public Prosecutor may, on such terms and conditions as he may determine, compound any offence under the rules made under this section.
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(6)  Where an offence under the rules made under this section is compounded under subsection (5), no further proceedings shall be taken against the person reasonably suspected of having committed the offence.
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(7)  The Minister shall designate the public officer who may collect any sum of money paid for the composition of any offence under the rules made under this section.
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(8)  All sums collected for the composition of offences under the rules made under this section shall be paid into the Consolidated Fund.
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