91Effect of caveat

1. Subject to subsections (2) to (4), so long as a caveat remains in force, the Registrar shall not make any entry on the register having the effect of—

2. charging or transferring the management rights to which the caveat relates, or creating or modifying any spectrum licence under those management rights; or
3. charging or transferring or modifying the spectrum licence to which the caveat relates.

4. Subsection (1) shall not prevent the Registrar from making any entry where—

5. the caveator consents to the making of that entry; or
6. the making of that entry is necessary to complete the registration of any instrument that has been accepted for registration before the receipt of the caveat.

7. Subsection (1) shall not prevent the Registrar from making any entry necessary to effect the registration of a transfer of any interest in any management rights or spectrum licence where—

8. the transfer is expressed to be made in pursuance of a power of sale conferred on the transferor by virtue of a registered mortgage of those management rights or that spectrum licence (hereafter in this subsection referred to as the empowering mortgage); and
9. the caveat was lodged after the registration of the empowering mortgage; and
10. the interest claimed by the caveator arises under an unregistered mortgage or an agreement to mortgage, dated later than the date of registration of the empowering mortgage and relating to the same interest to which the empowering mortgage relates; and
11. the Registrar is not satisfied from the particulars stated in the caveat that, on the assumption that the caveator is able to prove the caveator's claim, the caveator would be entitled to—
    1. an order of the court that the registration of the empowering mortgage be cancelled; or
    2. the registration of any instrument that would have the effect of making the mortgagee's interest under the empowering mortgage subject to the interest claimed by the caveator.

12. In any case to which subsection (3) applies, the caveat shall, upon the registration of the transfer, be deemed to have lapsed and the interest of the mortgagor expressed in that transfer to be transferred shall pass to and vest in the purchaser freed and discharged of the interest claimed by the caveator; and the Registrar may make on the register any entry necessary to show that the caveat has lapsed.