Mining Titles Registration Act, 1967 (Act No. 16 of 1967)Chapter VII : Bonds: General Provisions31. Execution of bonds |
| (1) | A mortgage bond shall be executed in the presence of the Director-General by a conveyancer duly authorized by power of attorney by the holder of the rights therein described, and shall be attested and registered by the Director-General. |
| (2) | A bond may be registered to secure an existing or a future debt or both and may hypothecate rights of different kinds with the written consent of the Minister. |
[Section 31(2) substituted by section 26(a) of Act No. 24 of 2003]
| (3) | [Section 31(3) deleted by section 26(b) of Act No. 24 of 2003] |
| (4) | If in a bond purporting to secure a future debt the amount of an existing debt is mentioned, such existing debt shall be deemed to be secured as part of the maximum amount intended to be secured by the bond. |
| (5) | Save as authorised by any other law or by order of the court, debts or obligations to more than one creditor arising from different causes shall not be secured by one bond. |