Paragraph 5 Making dispositions that cannot be registeredF1

An overseas entity must not make a registrable disposition of a qualifying estate if F2, disregarding the possibility of consent under paragraph 4A, the registration of the disposition is prohibited by—

If an overseas entity breaches sub-paragraph (1) an offence is committed by—

Nothing in this paragraph affects the validity of a disposition made in breach of sub-paragraph (1).

Sections 1121 to 1123 of the Companies Act 2006 (liability of officers in default: interpretation etc) apply for the purposes of this paragraph as they apply for the purposes of provisions of the Companies Acts.

In those sections as applied, a reference to an officer includes a person in accordance with whose directions or instructions the board of directors or equivalent management body of an overseas entity are accustomed to act.

A person is not to be regarded as falling within sub-paragraph (5) by reason only that the board of directors or equivalent management body acts on advice given by the person in a professional capacity.

A person guilty of an offence under this paragraph is liable—

Proceedings for an offence under this paragraph may only be brought by or with the consent the Secretary of State or the Director of Public Prosecutions for Northern Ireland.