|
|
Nature of Securities on which Debentures may be founded.
|
5. The Securities upon and in respect of which such Mortgage Debentures may be founded and issued shall be Securities affecting Property in England or Wales of the following Descriptions:
|
|
| |
(a.) Lands, Messuages, Hereditaments, or Real Property, or some Estate or Interests therein:
|
|
| |
(b.) Rates, Dues, Assessments, or Impositions upon the Owners or Occupiers of Lands, Messuages, Hereditaments, or Real Property, imposed by or under the Authority of any Act of Parliament, Public or Private, Royal Charter, Commission of Sewers or Drainage, or other sufficient legal Authority:
|
|
| |
(c.) Charges upon or affecting Lands, Messuages, Hereditaments, or Real Property executed, made, given, or issued under the Authority of any Act of Parliament, Public or Private:
|
|
| |
But, from the Securities described in Paragraph (a.) shall be excepted Securities upon Mines or Mineral Property, Quarries, Brickfields, and Factories, Mills, and other Buildings or Works for Manufacturing Purposes, and also Securities upon Leasehold Estates, determinable upon a Life or Lives, and not renewable or held for a Term, of which, at the Date of the Security, less than Fifty Years shall be unexpired, or which are subject to any Rent beyond a nominal Rent or a Ground Rent.
|
|
| |
In construing this Act the Word “Securities” shall be deemed to mean such Securities as above defined and restricted, and no others.
|
