HYPOTHECATION: SUBSIDIARY LEGISLATION
INDEX TO SUBSIDIARY LEGISLATION
Hypothecation (Authorised Creditors) Regulations
(under section 14)
(12th May, 1978)
ARRANGEMENT OF REGULATIONS
REGULATION
1. Citation
2. Fees
3. Prescribed forms
Schedule - Forms
S.I. 55, 1978,
S.I. 12, 1979,
S.I. 24, 1979.
These Regulations may be cited as the Hypothecation Regulations.
No fee shall be payable in respect of the registration by the Registrar of Deeds—
(a) of a document evidencing hypothecation, in accordance with section 3(2)(b) of the Act; or
(b) of a document evidencing the discharge of a hypothecation.
For the purposes of the Act—
(a) a notice to a buyer in accordance with the provisions of section 6(3) of the Act shall be in Form I set out in the Schedule;
(b) a notice to a buyer in accordance with the provisions of section 6(5) of the Act shall be in Form 2 set out in the Schedule;
(c) a notice to a buyer in accordance with the provisions of section 7(1) of the Act shall be in Form 3 set out in the Schedule; and
(d) the form of a deed of hypothecation and certificate of indebtedness required by sections 3 and 12 of the Act shall be in Form 4 set out in the Schedule.
SCHEDULE
FORMS
(r. 3)
Form 1
NOTICE OF NOMINATION AS BUYER IN TERMS OF SECTION 6(3)
HYPOTHECATION ACT |
(Cap. 46:05) |
To: |
(hereinafter referred to as "the Buyer") Take Notice that Whereas ........................................... |
......................................................................................................................................... |
(hereinafter referred to as "the Hypothecator") has entered into an agreement with ................. |
......................................................................................................................................... |
(hereinafter referred to as "the Authorised Creditor") in terms of which agreement the Hypothecator is indebted to the Authorised Creditor in certain sums of money; and whereas the Hypothecator has hypothecated |
......................................................................................................................................... |
to the Authorised Creditor in accordance with the Hypothecation Act; and whereas the Authorised Creditor has registered the said agreement in terms of the said Act against the name of the Hypothecator in the office of the Registrar of Deeds; and whereas in terms of the agreement the Hypothecator is restricted to selling produce or goods of the following classes, namely .............................................................................................................................. |
......................................................................................................................................... |
to or through certain nominated buyers; |
and whereas you, the said .................................................................................................. |
are nominated in the said agreement as a buyer; |
now therefore take notice that you are a buyer to or through whom the Hypothecator is obliged to sell the produce or goods of the stipulated classes/and that you are required, in terms of the said agreement, to remit the proceeds of sale of such produce or goods, less any commission or expenses reasonably incurred in the marketing of such produce and goods and due either to you, the Buyer, or some other person, to the Authorised Creditor *. |
Dated at ................................................ this day of .............................., 20 .................. |
Authorised Creditor |
Form 2
NOTICE OF NOMINATION AS BUYER IN TERMS OF SECTION 6(5)
HYPOTHECATION ACT |
(Cap. 46:05) |
To: |
(hereinafter referred to as "the Buyer") Take Notice that Whereas ........................................... |
......................................................................................................................................... |
(hereinafter referred to as "the Hypothecator") has entered into an agreement with ................. |
......................................................................................................................................... |
(hereinafter referred to as "the Authorised Creditor") in terms of which agreement the Hypothecator is indebted to the Authorised Creditor in certain sums of money; |
AND WHEREAS the Hypothecator has hypothecated ........................................................... |
to the Authorised Creditor in accordance with the Hypothecation Act; and whereas the Authorised Creditor has registered the said agreement in terms of the said Act against the name of the Hypothecator in the office of the Registrar of Deeds; and whereas in terms of the agreement the Hypothecator is restricted to selling produce or goods of the following classes, namely ............................................................................................................................. |
......................................................................................................................................... |
to or through certain nominated buyers; |
and whereas the Hypothecator has applied to the Authorised Creditor for authority to sell such produce or goods to or through you, the Buyer; |
and whereas the Authorised Creditor has agreed thereto; |
now therefore take notice that the Authorised Creditor determines in terms of section 7(5) of the Act that you are a buyer to whom or through whom the Hypothecator is authorised to sell his produce or goods aforementioned/and that you are required, in terms of the said agreement, to remit the proceeds of sale of such produce or goods, less any commission or expenses reasonably incurred in the marketing of such produce or goods and due either to you, the Buyer, or some other person, to the Authorised Creditor *. |
Dated at ................................................ this day of .............................., 20 .................. |
Authorised Creditor. |
Form 3
NOTICE OF MONEYS DUE AND PAYABLE BUT UNPAID, IN TERMS OF SECTION 7(1)
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