Land law in ksa and uk Essay Example | Topics and Well Written Essays - 1500 words

Land law in ksa and uk - Essay Example The Rules of land Laws in Kingdom of Saudi Arabia In Saudi Arabia, the greater percentage of total land is owned by the government. Private individuals own only the property in the urban area and land which is cultivated in the rural areas. The law stipulates that all land titles deeds must be registered. However, accurate information on the extent of land registration does not exist (Sait & Lim, 2006). Initially, the law stated that real estate could only be owned by the native citizens until when the property laws were amended to give the right to foreigners to also own property. However, for individuals who are not citizens of the Kingdom of Saudi Arabia to invest in property there is a need for them to seek council of ministers approval. Three categories of land exist in the Kingdom of Saudi Arabia. These include developed land, undeveloped land, and protective zones. Developed land constitutes constructed environment of towns and villages and land, which has been agriculturally developed. The law states that this land may be sold, bought, or inherited. Land, which is not developed, constitutes grazing pasture and wilderness. Grazing land and pasture is a common good. As such, the law authorizes every citizen to use it. However, the wilderness is a state property, which may be open to all unless the state imposes some restrictions. The Saudi land law uses the Waqf. This is a form of land ownership in, which a Saudi national has the right to transfer property to an organization or foundation for long term charitable or religious reasons. Once land or the property has been transferred under Waqf, the law does not allow further transfer or alienation of the same property. The Rules of the Land Law in United Kingdom The United Kingdom law is the law of real property in Wales and England. This law entails acquisition, priority and content of rights and obligations among people with land interests (Gray & Gray, 2009). The old content of English land law is relate d to property rights that come from common law, the registration system and equity. Normally, ownership of land in the United Kingdom is acquired through a sale contract where the buyer acquires the land through a written agreement with the seller, and there is an exchange of money. In order to complete such a purchase, the law states that the purchaser of the land must formally register his intention to buy the land in land registry. Apart from sale contracts, the law stipulates that individuals may acquire interests in land through contribution to home acquisition price, or to family life if the courts of the land can find evidence of a common purpose that this should occur. The law also recognizes a constructive or resulting trust over the property, and in credit of individuals of social interest in their households, these do not need to be registered just like a lease whose duration is less than seven years (Gray & Gray, 2009). Further, the law stipulates that individuals can ac quire land through propriety estoppels. This refers to a situation where an individual is assured to receive land or property, and relied on this to their detriment, the court may acknowledge it. Adverse possession is a form of ownership which allows a person who

The Primary Reasons for the Creation of Central Banks Especially in th Essay

The Primary Reasons for the Creation of Central Banks Especially in the U.S - Essay Example Another reason to create the central bank was to restrict the practice of small independent banks to open branches across the state boundaries. Actually, with the significant decentralization of the banking system of US, the problems increased especially during the recession, when the multi-bank panics and frequent bank collapses happen. For example, between the closure of the Second Bank of the United States and in the late years of first decade of the twentieth century, total nine multi-bank panics happened. In consideration to the frequent collapses of small banks, the need of a structure of central bank with regional banks was identified. Eventually, after the panic of 1907, in 1913 a commission of inquiry was set up and the Federal Reserve Act was passed. In the absence of a central bank in the 19th century, the federal government used to act its own banker and the treasury could favor the specific geographic, economic and financial interests. Therefore, another aim of creating central banks was to finance and meet the centralized needs of the Treasury. The central bank of the United State, Fed was set up with an aim that it could operate independent of both the private financial business interests and duly constituted government authorities. The key players in shaping the Federal Reserve Act were Glass Steagall Act 1933 and Regulation Q. These two key players not only allowed the Federal Reserve Bank to reduce the riskiness of system but they also enhanced the authority of Federal Reserve Bank. It was being assumed before the creation of regional fed banks that central banks are too large and it was against the democratic ideals of the USA for example, in 1832, USA president argued that Second Bank of US had given the power to few irresponsible people. Actually, the establishment of a central banking system has always been parallel with the fear of excessive control from the centre. Therefore, rather than setting up a single bank, the Federal Reserve Act established a system of twelve regional Federal Reserve Banks overseen by a Federal Reserve Board.