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Transfer of Debentures.
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7. Before sanctioning the Issue of any Debenture the Court shall cause an Entry thereof to be made in its Books. After the Issue of any Debenture under the Sanction of the Court the Owner of the Land charged therewith may transfer such Debenture, by means of a Memorandum to that Effect entered in the Books of the Court. Every Transferee of a Debenture may also transfer it by means of a Memorandum in the Books of the Court. The Transfer shall be in such Form as the Court may approve of. It shall vest in the Person to whom it is made the Ownership of the Debenture, and all Rights of Action or Suit which the Transferor had at the Time of such Transfer. Every Debenture shall be for a Sum of not less than Fifty Pounds, and shall specify the Place where the Principal and Interest shall be payable.
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