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4.—(1) Subject to paragraph 5, the nominee purchaser shall give to the reversioner a statement of any objections to or requisitions on the proof of title within the period of fourteen days beginning with the date the proof is given (whether or not within the time required).
(2) The reversioner shall give to the nominee purchaser an answer to any statement of objections or requisitions within the period of fourteen days beginning with the date the statement is given.
(3) The nominee purchaser shall give to the reversioner a further statement of any objections to or comments on the answer within the period of seven days beginning with the date the answer is given.
(4) Any objection or requisition not included in any statement given within the period referred to in sub-paragraph (1) shall be deemed waived, and any matter which could have been raised in a statement so given shall be deemed not to be a defect in title for the purposes of paragraph 3(3) of Schedule 6 and as it is applied by paragraph 7(1) and by paragraph 11(1) of that Schedule (effect of defect in title on valuation of interest to be acquired).
(5) Any objection not included in any further statement given within the period specified in subparagraph (3) shall be deemed waived and any matter which could have been raised in a further statement so given shall be deemed not to be a defect in title for the purposes of paragraph 3(3) of Schedule 6 and as it is applied as described in sub-paragraph (4).
(6) If no further statement is given within the time specified in sub-paragraph (3), the reversioner’s answer shall be considered satisfactory.
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