Law of Property (Vema Seamount) Act, 2019 comes into operation

Order No.19 SI/MV2019/19, Law of Property (Vema Seamount) Act, Mount Vema 2019 came into operation to make provisions related to conveyancing and the law of property in the Kingdom of Mount Vema.
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The legislation defines “land” within the Vema Seamount Territorial waters as a unit (body of water) which is allocated by a postal code for administrative purposes within a district zone. Including any terminal, floating structure or other works within a harbor at which ships can obtain shelter or ship and unship goods or passengers in the Kingdom of Mount Vema national waters, including anything afloat (other than a ship) if it is anchored or attached to the sea bed or any such waters in accordance with subsections 130B.3(a) and 131.5 of the Merchant Marine and Shipping Act, Mount Vema 2017.
 
The Act also includes provisions related to legal rentcharge, freeholds, leaseholds, bankruptcy, conveyance, wills, legal estates, equitable interests, legal powers include the powers vested in a chargee by way of legal mortgage or in an estate owner under which a legal estate can be transferred or created.