BVI Property Act 2003

1
No. 12 of 2003
VIRGIN ISLANDS
PROPERTY (MISCELLANEOUS PROVISIONS) ACT, 2003


ARRANGEMENT OF SECTIONS
Section
1. Short title and commencement.
2. Deeds and certain other instruments no longer required to be executed
under seal.
3. Bodies corporate holding as joint tenants.
4. Application.
2
No. 12 of 2003 Property (Miscellaneous Provisions) Virgin
Act, 2003 Islands
I Assent
THOMAS MACAN
Governor.
17th October, 2003
VIRGIN ISLANDS
No. 12 of 2003
An Act to make provision with respect to dispositions of property and related
matters.
[Gazetted 6th November, 2003]
ENACTED by the Legislature of the Virgin Islands as follows:
1. This Act may be cited as the Property (Miscellaneous Provisions) Act,
2003 and shall come into force on such date as the Governor may, by
Proclamation published in the Gazette, appoint.
2. (1) Subject to subsection (5), an instrument is validly executed by an
individual as a deed or an instrument under seal if it satisfies the requirements of
this section.
(2) A deed or instrument under seal satisfies the requirements of this
section if
(a) it is signed in accordance with the provisions of subsection
(3); and
Short title and
commencement.
Deeds and
certain other
instruments no
longer required
to be executed
under seal.
3
(b) it is either
(i) sealed; or
(ii) expressed to be, or is expressed to be executed as,
or otherwise makes clear on its face that it is
intended to be, a deed.
(3) For the purpose of this section, a deed or instrument is signed if it is
signed
(a) by the individual in the presence of a witness who attests
his signature; or
(b) at the direction of the individual and in his presence and the
presence of two witnesses who each sign it and it appears
from the face of such deed or instrument that they have
done so at his direction.
(4) In subsection (2) and (3)(a), “sign”, in relation to an instrument,
includes an individual making his mark on the instrument, and “signature” shall
be construed accordingly.
(5) The provisions of this section shall be without prejudice to the validity
of any instrument under seal validly executed, before, on or after the date on
which this Act comes into force, as such.
3. (1) A body corporate shall be capable of acquiring and holding any real
or personal property in joint tenancy in the same manner as if it were an
individual, and where a body corporate and an individual, or two or more bodies
corporate, become entitled to any such property under circumstances or by virtue
of any instrument which would, if the body corporate had been an individual,
have created a joint tenancy, they shall be entitled to the property as joint tenants:
Provided that the acquisition and holding of property by a body corporate in
joint tenancy shall be subject to the like conditions and restrictions as attached to
the acquisition and holding of property by a body corporate in severalty.
(2) Where a body corporate is joint tenant of any property, the property
shall, on the dissolution of the body corporate, devolve on the other joint tenant.
Bodies corporate
holding as joint
tenants.
4
4. This Act applies to any trust, instrument or joint tenancy created or
executed or purportedly created or executed before, on or after the date on which
this Act comes into force, and no such trust, instrument or joint tenancy shall be
invalid by reason only of the fact that it was created or executed or purportedly
created or executed prior to that date.
Passed by the Legislative Council this 30th day of September, 2003.
V. INEZ ARCHIBALD,
Speaker.
DENNISTON FRASER,
Clerk of the Legislative Council.
Application.

 

Leave a Reply