Reinstate- ment of securition
(b) any person by whom the interest is pay- able may apply to the Supreme Court by originating sumtions for an order that the interest shall be payable at a rate lower than four per centum per annum and the Supreme Court may on the hearing of such summons make an order that the interest shall be payable at such rate lower than four per centum per annura as to the Court shall seem fit.
(3) If the due rate is four per centum per annum or lower such interest shall be payable at the due rate. Provided that any person by whom the interest is payable may apply to the Supreme Court by originating summone for an order that the interest shall be payable at a rate lower than the due rate and, on the hearing of such summons, the Supreme Court may make an order that the interest shall be payable at such rate lower than the due rate us to the Court shall seem fit.
(4) In deciding whether to make any such order as aforesaid the Supreme Court shall have regard to all the circumstances of the case and in particular to the value of any advantage which the debtor enjoyed up to the date of the commencement of this Ordinance from the existence of the debt and from the enjoyment of any property ucquired by him by virtue of the transaction whereby the debt was incurred. (5) On the hearing of any such summons as afore- said the Supreme Court may whether or not it orders an increase or decrease in the rate of interest, prescribe the time within which the interest shall be paid.
(6) If the debt is payable by virtue of an obligation incurred by an enemy the provisions of this section with regard to the payment of interest at a rate other than the due rate shall not apply and interest shall be payable at the due rate. For the purposes of this sub-section every
means-
(a) any state or sovereign of a state which was at any time during the Occupation Period at war with His Majesty:
(b) any body of persons constituted in or incorporated in or under the laws of any such state; and
(c) any individual who possessed during the Occupation Period the nationality of any such state and has not since divested himself thereof.
11. (1) In any case where a debt purporting to have been discharged in whole or in part by payment in occupation
currency is by virtue of the provisions of this Ordinance deemed to be wholly or partly undischarged at the commence- ment of this Ordinance and where the payment of such debt before such purported discharge as aforesaid was secured by any mortgage charge lien guarantee indemnity or other form of security the rights of the creditor in relation to such mortgage charge lien guarantee indemnity or other form of security shall be deemed not to have been extinguished ar diminished by such purported discharge.
(2) Where the rights of a creditor in respect of & security have been deemed by virtue of sub-section (1) of this section not to have been extinguished or diminished-
(a) the creditor may give notice in writing of not less than one month calling upon the debtor and any third party who furnished the security to reinstate or replace such security and to execute all documents and do all acts necessary for that purpose; and in default of compliance therewith the Supreme Court may, on application by the creditor on an originating summons, make such order as to the Court shall seem fit to reinstate the security or replace it with other equivalent security and to execute all documents and do u!! acts necessary for that purpose.
(b) where any person neglects or refuses to comply with an order under paragraph (a) of this sub-section directing him to execute any such documents or to do any such acts the Court may on such terms and conditions if any as may be just nominate any person to execute such docu- ments and to do such acts and any document 30 executed or act so done shall operate for all purposes as if it had been executed or done by the person originally directed to execute or do the same.
(c) the creditor may give notice in writing to any company the stock shure bonds or debenture of which were subject to any charge to such creditor by way of a security as aforesaid and upon the receipt of such notice such company shall not permit or record any transfer of such security until the debtor or any third party who has furnished the security has reinstated or replaced such security or in default thereof the Supreme Court has made an order under paragraph (a) of this sub-section.
agreements
12. Nothing in this Ordinance shall affect any agree- Saving of ment made between a debtor and a creditor at any time after for paymast the end of the occupation period for the purpose of-
or cattle. ment