Mining Titles Registration Act, 1967 (Act No. 16 of 1967)Chapter VIII : Rights of Mortgagees37. Transfer or cession of mortgaged rights |
| (1) | No transfer, cancellation or cession of any mortgaged right shall be attested, executed or registered by the Director-General until the bond has been cancelled or the right has been released from the operation of the bond with the written consent of the holder of the bond but no cancellation or release shall be necessary if the transfer or cession is made in terms of this Act, any other law or by an order of court. |
[Section 37(1) substituted by section 29(a) of Act No. 24 of 2003]
| (2) | A consent to the release from the operation of a bond of all the rights mortgaged thereunder shall, except where the debt secured by such bond is further secured by a collateral bond, be deemed to be a consent to the cancellation of that bond. |