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Owner of registered Security upon default of Company may obtain the Discharge thereof from Company’s Debentures.
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17. If the Company shall not have procured such Discharge on or before the Day appointed for Redemption, the Mortgagor or other Person entitled to redeem such Security may apply to the High Court of Chancery by Summons, calling upon the Company to show Cause why such Security is not so discharged, and upon hearing such Summons the Judge shall appoint a Day by which the Discharge shall be obtained, and in default thereof shall order that the Amount of Principal and Interest Money due upon such Security shall, by a Day to be named in the Order, be paid into the Bank to the Credit of the Accountant General of the Court of Chancery, to the Account of the Company’s Mortgage Debentures, and shall make such Order as to the Costs of and incidental to the Application as the Court may deem just.
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Upon Production to and Deposit with the Land Registrar of such Order, together with the Accountant General’s Certificate of such Payment into Court as aforesaid, the Registrar, shall make an Entry in the proper Register of Securities of the Discharge of such Security from the Company’s Mortgage Debentures, and shall deliver to the Person named in such Order the several Deeds and Instruments to which such Security relates, and which were delivered to the Registrar under the Provisions herein contained.
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Upon the Company proving to the Satisfaction of the Court, by the Production of a Certificate of the Registrar, either that a Security at least equal in Value to the Amount so paid into Court as aforesaid has been registered as aforesaid, or that an equivalent Amount of the Company’s Mortgage Debentures has been cancelled, the Court shall direct the Payment out of Court to the Company of the Amount so paid in, together with any Dividends that may have accrued due thereon in the meantime.
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