Part 1: Registration of Overseas Entities Schedule 4: Land ownership and transactions: Scotland Part 1: Amendments Conveyancing (Scotland) Act 1924
Paragraph 1 of Schedule 4 amends section 4A of the 1924 Act by the insertion of a new subsection into section 4A. The existing text of section 4A becomes subsection (1) and after that subsection, a new subsection (2) is inserted that provides that subsection (1) is subject to paragraphs 3 and 4 of the new schedule 1A to the LRSA 2012.
	Subsection 4A(1) provides that any person who has the right either to land or to a heritable security may complete title by registration in the Land Register of a notice of title in or as nearly as may be in the terms of the form in schedule BA to the 1924 Act. The new subsection (2) makes subsection (1) subject to paragraphs 3 and 4 of the new schedule 1A to the LRSA 2012, which is inserted by Schedule 4 to the Act.
	Paragraph 3 of the new schedule 1A to the LRSA 2012 provides that where an overseas entity makes an application under section 21 of the LRSA 2012 by virtue of section 4A(1) of the 1924 Act, the Keeper must reject the application unless the overseas entity is a registered overseas entity or an exempt overseas entity. Section 4A(2) therefore prevents an overseas entity from completing title by registration in the Land Register of a notice of title unless it is a registered overseas entity or an exempt overseas entity.
	Paragraph 4 of the new schedule 1A to the LRSA 2012 provides that where a person makes an application under section 21 of the LRSA 2012 by virtue of section 4A(1) of the 1924 Act with respect to a qualifying registrable deed or a registrable deed which is a standard security, and the granter of that deed is an overseas entity whose interest was registered on or after 8 December 2014, and was not a registered nor exempt overseas entity as at the date that the application is made, the Keeper must reject that application unless certain conditions are met.