:.
2
(a) by inserting before "land," the following
"property in"; and
(b) by deleting "five thousand" and
substituting the following
"fifteen thousand".
{
Explanatory Memorandum
It has been held by the courts that section
3(2) of the principal Ordinance applies to mortgages of undivided shares of property. Thus, where there is
such a mortgage, however small or insignificant the
share mortgaged, proceedings under the principal
Ordinance may not be instituted without the consent
of the mortgagee, which section 3(2) requires.
Such a restriction is unnecessary in that adequate
protection is already afforded to mortgagees by other
provisions of the Ordinance; it is also open to abuse.
The object of this Bill is accordingly to remove the
requirement for consent and this is effected by clause
2(b), which deletes section 3(2).
Ordinance
The Bill in addition amends the principal