—(1) The Registrar shall enter on a folio a notification of any caveat or other subsisting encumbrance —
which is apparent to him from the records maintained at the Land Titles Registry (including the Caveat Index) at the time of the creation of that folio; and
which is subsequently brought to his attention as in this section provided.
(2) Any person claiming an interest in land which was subsisting at the date of the creation of a folio for that land other than an interest excepted by section 46 may, so long as the folio remains qualified as to title, protect that interest by lodging a caveat under section 115, and the Registrar shall enter a notification of such a caveat in that folio.
(3) The proprietor in whose name a folio has been created shall lodge with the Registrar a statement setting out particulars of any subsisting interest affecting the land therein comprised which is known to him and which is not already notified under subsection (1) other than an interest excepted by section 46.
(3A) Where any unregistered land has been brought under the provisions of this Act with one or more subsisting caveats for an estate or interest in the land lodged in accordance with the Registration of Deeds Act (Cap. 269), the Registrar may, on being satisfied that the caveat has not been withdrawn, cancelled or lapsed, enter a notification of such caveat in that folio as if the caveator had also lodged a caveat under section 115 and in the manner specified in section 115(2)(b) for the same estate or interest in the land when lodging the caveat under the Registration of Deeds Act.
(4) The proprietor named in a folio who —
has knowledge of an encumbrance or interest affecting the land comprised therein which is not notified on the relevant folio; and
disposes of or otherwise deals with or creates any interest in that land without having lodged a statement under subsection (3),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.
(5) An interest notified on the folio under this section is an interest within the meaning of section 46, but its notification shall not give the interest to which it relates any greater operation or effect than it has under the instrument creating it.
(6) Any interest notified on the folio under this section shall not, by reason of any provision of this Act, lose any priority which that interest would otherwise have had.