F53[40.— (1) On registration of the ownership of an unregistered leasehold interest, a person may be registered with an absolute title, a good leasehold title, a qualified title or a possessory title.

(2) An application for registration may be made by such person, and shall be in such form and accompanied by such evidence of title, as may be prescribed.

(3) The application shall be for registration with an absolute title, a good leasehold title, a qualified title or a possessory title.

(4) The applicant shall be registered as owner with an absolute title where the title to the leasehold interest, the freehold estate and any intermediate leasehold interest is approved by the Authority.

(5) The applicant shall be registered as owner with a good leasehold title where the title to the leasehold interest is approved by the Authority.

(6) The applicant may be registered as owner with a qualified title where—

(a) it appears to the Authority that the title, either of the lessor to the reversion or of the lessee to the leasehold interest, can be established only for a limited period or only subject to certain reservations, and

(b) the Authority, by an entry in the register, excepts from the effect of registration any right—

(i) arising before a specified date,

(ii) arising under a specified instrument, or

(iii) otherwise particularly described in the register.

(7) The applicant may be registered as owner with a possessory title on giving such evidence of title as may be prescribed.

(8) If, on an application for registration under this section, the Authority is not satisfied that the grant of the title applied for would be warranted or appropriate, it may, subject to subsection (9), register the applicant as owner with such one of the other titles provided for in this section as it considers would be warranted or appropriate.

(9) Where registration of ownership of title is not compulsory, the Authority may not—

(a) on an application for registration with an absolute title or a good leasehold title, register the applicant as owner with a qualified title without the applicant’s consent, or

(b) on an application for registration with a title other than a possessory title, register the applicant as owner with a possessory title without such consent.]