(1) If the owner of the title deed wishes to have the title deed in his name transferred to the name of another person, he shall submit an application to the office as prescribed.
(2) In the course of examining the application received as per sub-section (1), if it is found that there is a misappropriation, the office shall make a name change as prescribed in such a petition. After such transfer, the person in whose name the title deed is registered will remain the owner of such title deed.
(3) In case of death of the owner of the deed, if he willed someone in relation to such deed, the person will be the owner of the deed. If there is no desired person, or if the desired person has died before the owner of the deed, then the rightful owner according to the prevailing federal law will be the owner of such deed.
(4) In the event of the death of any or all of the owners of such share certificates, if a share certificate is jointly purchased by two or more persons, the rights of ownership and interest of such share certificate shall be transferred to the person desired by the owner of the related share certificate, and if not, to the right holder according to the prevailing federal law.
(5) If a person under sub-section (3) or (4) submits an application to the office for the registration of any of the following documents along with proof of his entitlement, the office shall register such registration document in accordance with sub-section (2).