(1) Where the ownership of any motor vehicle registered under this Chapter is transferred:-
(a) 3[ the transferor shall-
(i) within fourteen days of the transfer, report the fact of transfer to the registering authority within whose jurisdiction the transfer is to be effected and shall simultaneously send a copy of the said report to the transferee;
(ii) within forty- five days of the transfer, forward to the registering authority referred to in sub- clause (i)-
(A) a no objection certificate obtained under section 29A; or
(B) in a case where no such certificate has been obtained,-
(I) a receipt obtained under sub- section (2) of section 29A; or
(II) a postal acknowledgement received by the transferor if he has sent an application in this behalf by registered post acknowledgement due to the registering authority referred to in section 29A, together with a declaration that he has not received any communication from such authority refusing to grant such certificate or requiring him to comply with any direction subject to which such certificate may be granted;"
(b) the transferee shall, within thirty days of the transfer, report the transfer to the registering authority within whose jurisdiction he resides, and shall forward the certificate of registration to that registering authority to- gether with the prescribed fee and a copy of the report received by him from the transferor in order that particulars of the transfer of ownership may be entered in the certificate of registration.]