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HYPOTHECATION: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Hypothecation (Authorized Creditors) Regulations

Hypothecation Regulations

HYPOTHECATION 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.

1.   Citation

   These Regulations may be cited as the Hypothecation Regulations.

2.   Fees

   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.

3.   Prescribed forms

   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 Authorized Creditor") in terms of which agreement the Hypothecator is indebted to the Authorized Creditor in certain sums of money; and whereas the Hypothecator has hypothecated

.........................................................................................................................................

to the Authorized Creditor in accordance with the Hypothecation Act; and whereas the Authorized 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 Authorized Creditor Delete if not applicable..

   Dated at ................................................ this day of .............................., 20 ..................

Authorized 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 Authorized Creditor") in terms of which agreement the Hypothecator is indebted to the Authorized Creditor in certain sums of money;

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