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Proceedings on Redemption of Securities.
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16. Whenever any Person who has executed a Security which has been registered under the Provisions of this Act is entitled to redeem such Security, and has given Notice to the Company of his Intention so to do, the Company shall thereupon, and before the Day appointed for the Redemption, make Application to the Registrar for the Purpose of having such Security freed and discharged from the Charge of the Mortgage Debentures issued by the Company, and upon a Security of at least equal Value, as certified by a Declaration of the Surveyor or Valuer before mentioned, being produced to him for Registration and being registered accordingly, or its being shown to his Satisfaction that at least an equivalent of Mortgage Debentures issued under the Provisions of this Act has been cancelled, he shall allow the same to be so freed and discharged, and shall cause an Entry to be made in the Register of Securities of the said Security being discharged, and shall re-deliver to the Company the several Deeds or Instruments to which such Security relates, and which were delivered to the Registrar for Registration, under the Provisions herein-before contained, and such Entry shall be conclusive Evidence of such Discharge.
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