CO537-(1262-1649) — Page 300

THE NATIONAL ARCHIVES

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and in particular to the degree of adventage which the debtor enjoyed during the occupation period from the existence of the debt and from any property acquired by virtue of the transaction whereby the debt was incurred.

9. (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 on the coming into force 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 or diminished by such purported discharge.

(2) The creditor may give notice in writing of not less than one month calling upon the debtor and any third party liable for the debt 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 Court may, on application by the creditor on an originating summons make such order as to the Court may seem fit to reinstate the security or replace it with other equivalent security.

(3) Notwithstanding that a charge or caveat evidencing a lien being a security revived,in accordance with sub-section (1) of this section has ceased to be registered in accordance with any law relating to the registration of title to land and notwithstanding that the land has been transferred to a third party, from the date of the coming into force of this Ordinance such charge or caveat shall be deemed to be and shall be registered as if the memorandum of discharge of the said charge had not been registered and as if the caveat evidencing the lien had remained on the register.

(4) Notwithstanding that the assurance evidencing a security which is in force in accordance with Sub-section (1) of this section has ceased to be registored in accordance with any law relating to the registration of deeds and notwithstanding. that the land the subject matter of the security has been trans- ferred to a third party from the date of the coming into force of this Ordinance any such assurance shall be deemed to be registered as if the entry in the register evidencing the assurance under which the assurance evidencing the security ceased to be a registered assurance had not been made.

(5) The Court when making an order under Sub-section (2) of this section on being satisfied that the security will be replaced by an equivalent security may direct that the provisions of Sub-sections (3) or (4) whichever is applicable shall cease to apply in respect of the land which formed the original security and on the production of that order to the registering authority the charge, caveat or assurance evidencing the security shall be removed from the register.

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The Governor may make rules prescribing the scales to be fixed in accordance with Sub-section (2) of section 3 and section 5 of this Ordinance.

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"THE NATIONAL ARCHIVES

CO 537/1374

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