11. Existing musataha and usufruct interests

(1) The parties to musataha and usufruct interests in existence as of the date of publication of these Regulations shall register such interests as leases pursuant to "memoranda of leases" pursuant to section 3(1)(c) above by not later than the later to occur of —
(a) the first anniversary of the date of publication of these Regulations; or
(b) any extended registration period for which provision may be made pursuant to transition regulations or arrangements effected by the Board pursuant to section 157(3) below. Unless the parties elect to convert the legal form of the underlying instrument from musataha or usufruct, as applicable, to a lease, the contractual rights and obligations arising under the underlying musataha or usufruct arrangement shall not be affected or modified by reason of such registration.
(2) To the extent that any musataha or usufruct interest was previously registered and a fee paid therefor, the Registrar shall make reasonable efforts to provide that any initial registration pursuant to subsection (1) above shall not be subject to an additional fee.