Section 3: Registration of property, etc.

(1) Where any property to which this Act relates is immovable property or is a registrable negotiable security any appropriate registration authority shall on the production of this Act to it by the Secretary to the Federal Government or any person acting on his behalf remove from the relevant register the name of the person registered therein as owner and without further or other authority vest the property without payment of any fee in the Federal Government.
(2) For the purposes of this section, the appropriate registration authority includes a registrar of titles or of land and the person by whatever title known charged with the duty of registration of particular negotiable securities.