Paragraph 4 Acquisition of a relevant right

An agreement for the acquisition of a relevant right may be made by means of –

public auction;

tender; or

private treaty.

An agreement –

may contain terms affecting the rights and liabilities of the Secretary of State and the purchaser, including in particular rights and liabilities arising in the event of non-payment of the sum payable under the agreement; and

may be made by reference to standard terms.

The Secretary of State may determine as he thinks fit –

the prices at which particular relevant rights are to be sold or (as the case may be) the reserve prices applicable to the sale of any such rights; or

the manner in which any such prices are to be determined.

Upon payment of the sum payable under the agreement, the Secretary of State shall issue to the purchaser a certificate which –

identifies the registration mark which is the subject of the agreement;

records the name and address of the purchaser and, where applicable, of the nominated person;

records the date of the agreement; and

identifies the date on which the period of one year mentioned in paragraph 6(2)(a) expires.