Section 34
Protection of Government
of Housing Development Corporation Ordinance, 2002
—
(1)
Where the Government has granted loans to the
Corporation and until such loans are fully repaid, the Government shall be deemed to have a beneficial interest over any land registered in the name of the Corporation, and upon presentation to the Registrar of a certificate signed by the State Financial Secretary certifying that the Corporation is indebted to the Government in respect of loans advanced by the Government to the Corporation, the Registrar shall cause a caveat to be lodged against any land of the Corporation specified in such certificate.
(2)
Any caveat lodged by the Registrar pursuant to subsection
(1)
shall not be removed or withdrawn by the Registrar until and unless he receives from the State Financial Secretary, a statement stating that:
(a)
the loans stipulated in the certificate referred to in subsection (1) has been fully repaid; or
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(b)
he consents to the removal or withdrawal of the caveat.