Cap. 55 Art. 51ANote to be delivered in relation to cells of organisations

(1) When there is a transaction relating to a cell of an organisation under article 20A or under article 20B of the Second

Schedule to the Civil Code which results in a change in legal ownership of any immovable property or real rights over such property, such event shall be recorded in a public deed before a

Notary Public executed by the administrators or their delegates of -

(a) the transferring organisation and, if different, those of recipient organisation under the said article 20A; or

(b) the organisation of which the cell formed part and those of the new organisation under the said article 20B, as the case may be, and the Notary shall, within fifteen (15) days from the date of the act, deliver to the Director of the Public Registry a note in accordance with article 50.

(2) (a) Where a beneficial owner of immovable property which is held by a private foundation, transfers or otherwise disposes of the beneficial ownership of such property inter vivos to a third party, such a transaction shall be deemed to constitute a transfer of shares for the purposes of the Duty on Documents and Transfer

Act, and for the purposes of article 5(1) of the Income Tax Act.

(b) Where a change in the ownership of immovable property does not involve a change in the beneficial ownership thereof, such change shall not be deemed to constitute a transfer of shares for the purposes of the Duty on Documents and Transfers Act, and for the purposes of article 5(1) of the Income Tax Act but shall nevertheless be recorded as required in this article.

(c) For the purposes of article 49 of the Duty on

Documents and Transfers Act, "transferor" and "transferee" in a transfer of immovable property inter vivos shall be deemed to include a private foundation acting for the benefit of either the transferor or the transferee of the beneficial ownership of such immovable property, or of both such transferor and transferee.

(3) In this article:

"beneficial owner" means the person beneficially entitled to the shares under a private foundation; "private foundation" shall mean a foundation as defined in article 31B of the Second Schedule of the Civil Code.