This Act requires a body corporate acquiring land at certain conditions or a body corporate that disposes of such land to deposit a memorandum on the transaction in the office of Registrar-General. Failing to do so constitutes an offence. The Registrar-General shall keep a register, by parishes, of land held by bodies corporate in Bermuda and shall annually report on this to the Governor, for the information of the Legislature.
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Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.
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