MASS TRANSIT RAILWAY (LAND RESUMPTION Ord. No. 66/74
AND RELATED PROVISIONS)
(3) An award of compensation under subsection (2) shall not in any way affect the entitlement of a mortgagee to be paid compensation in accordance with section 25.
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25. (1) Subject to subsection (2) a mortgagee of land which Payment to reverts to the Crown or vests in The Colonial Treasurer Incor- mortgagees. porated under this Ordinance shall, in so far as he has priority
as against any other mortgagee, be entitled to be paid so much of any compensation as is required to discharge his mortgage debt including any interest thereon.
(2) If compensation is payable under this Ordinance other- wise than for land resumed or if the land to which compensation relates is part only of the mortgage security a mortgagee shall, in so far as he has priority as against any other mortgagee, be entitled to be paid so much of the compensation as is necessary to reduce his mortgage debt to an amount which is adequately secured by the land or the remaining land as the case may be.
(3) The payment of compensation, as required by subsec- tions (1) and (2), shall be made in accordance with the written agreement of the claimant and every mortgagee of the land or failing such agreement in accordance with an order of the Supreme Court under subsection (4).
(4) The claimant or any mortgagee may apply to the Supreme Court for an order as to the payment of unpaid compensation and on any such application the Court may make such order as it thinks just and equitable having regard to the requirements of subsections (1) and (2).
tion.
26. The Lands Tribunal may direct that interest be paid on Interest on compensation (but not on costs) from such date and for such compensa- period as it thinks fit, at the rate paid from time to time by members of the Exchange Banks Association on deposits at 7 days' call or at such other rate as may be determined by resolution of the Legislative Council.
27. All compensation (including interest thereon) and all Compensa-
costs-
(a) agreed to be paid to the claimant by the Director; or (b) awarded by the Lands Tribunal against the Crown, shall be paid out of the general revenue of the Colony within 3 months of the agreement or award, unless there is a dispute as to the person entitled to such compensation.
tion payable out of general
revenue.