Section 5
Functions, Duties And Powers Of Registration Office
(1) The functions, duties and powers of the Registration Office shall be as follows:
(a) establishing, operating and maintaining an electronic registry for the filing of notices or amendments related with notices, continuation statements, termination statements and correction statements and notices of the interests of lien holders;
(b) delivering to any person who so requests, information from the records of the Registration Office records as provided in this Act;
(c) publishing an annual report on the functions that it has performed within six months of the end of each fiscal year.
(2) The Government of Nepal may enter into an agreement with a private entity for the performance of any or all of the activities required to be performed by the Registration Office and seek assistance, as required, for the
discharge, through such entity, of the activities required to be performed by the Registration Office. Prior to entering into an agreement with such entity, the Registration Office shall have regard to whether such entity is competent as
follows or not:
(a) Whether or not such entity has the required materials, financial, human, and technical resources to assist the Registration Office in the activities relating to filing notices;
(b) Whether or not such entity has the ability to have access to the electronic registry maintained by the Registration Office, in consistent with prudent business practices.
(a) establishing, operating and maintaining an electronic registry for the filing of notices or amendments related with notices, continuation statements, termination statements and correction statements and notices of the interests of lien holders;
(b) delivering to any person who so requests, information from the records of the Registration Office records as provided in this Act;
(c) publishing an annual report on the functions that it has performed within six months of the end of each fiscal year.
(2) The Government of Nepal may enter into an agreement with a private entity for the performance of any or all of the activities required to be performed by the Registration Office and seek assistance, as required, for the
discharge, through such entity, of the activities required to be performed by the Registration Office. Prior to entering into an agreement with such entity, the Registration Office shall have regard to whether such entity is competent as
follows or not:
(a) Whether or not such entity has the required materials, financial, human, and technical resources to assist the Registration Office in the activities relating to filing notices;
(b) Whether or not such entity has the ability to have access to the electronic registry maintained by the Registration Office, in consistent with prudent business practices.