40.—(1) Where the registered proprietor of registered premises dies, the following provisions shall have effect, that is to say:—

(a) the death of the said registered proprietor shall not of itself terminate the registration of such premises;

(b) the personal representative of the said deceased registered proprietor or, with the assent of such personal representative, any other person shall be entitled, on application in the prescribed form and manner to the Board, to be registered as the registered proprietor of the said premises;

(c) from the death of the said deceased registered proprietor until the registration of another person as registered proprietor of the said premises, the person actually carrying on the said premises shall be deemed to be the registered proprietor thereof for the purposes of so much of this Act as relates to things to be done on the said premises or in the course of carrying them on as aforesaid.

(2) Where the registered proprietor (in this sub-section referred to as the transferor) of registered premises transfers, on sale or otherwise, the said premises and the business carried on therein to another person (in this sub-section referred to as the transferee), the following provisions shall have effect, that is to say:—

(a) the transferee shall be entitled, on application in the prescribed form and manner to the Board and on satisfying the Board that he has become the proprietor of the said premises, to be registered as the registered proprietor of the said premises;

(b) the transferee shall, on being registered as aforesaid, be entitled to the benefit of any application to the Board made by the transferor in relation to the said premises and then pending and shall be entitled to prosecute such application as if it had been made by him;

(c) until the transferee is registered as aforesaid, the transferor shall, notwithstanding the said transfer, continue to be for all the purposes of this Act the registered proprietor of the said premises.

(3) The immediately preceding sub-section of this section shall apply in every case where a receiver or manager appointed by a court or a mortgagee goes into possession of registered premises in like manner as if such premises had been transferred by the registered proprietor thereof to such receiver, manager or mortgagee (as the case may be).