Mining Titles Registration Act, 1967 (Act No. 16 of 1967)

Regulations

Mining Titles and Registration Regulations, 2004

Chapter V : Bonds
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44. Mortgage bonds shall be prepared and lodged by a conveyancer or by a person authorised by such conveyancer.

 

45. Every mortgage bond shall contain—
(a) a full and clear description of the right to be bonded;
(b) the date and number of the title, deed or other document under which the right is held by the mortgagor;
(c) the name, portion, number, registration division of the farm and the region where such right is situated, and
(d) the number of the diagram or plan allotted by the Mineral and Petroleum Titles Registration Office by which the right to be mortgaged is defined.

 

46. If two or more mortgage bonds are lodged on the same day, over the same right, they shall disclose the order in which they rank.

 

47. Where a right is mortgaged subject to special conditions limiting the rights of the holder, the Director-General may require that such conditions be set out in the bond or a suitable reference be made thereto.

 

48. The noting of any part payment or reduction of cover on any bond does not have to be reflected on the deed of bond of the right affected.

 

49. Every cession of a bond shall set out the causa of such cession.

 

50. No cession of part of any sum due under a bond shall be registered without the consent of the mortgagor unless such consent is contained in the bond.

 

51. Where an application is made for the registration of a cession or cessions of a bond which had previously been ceded but not registered, the Director-General shall register such cessions on submission by the applicant of previous cessions or notarially certified copies thereof or an acknowledgement of such cessions as directed by the Director-General.

 

52. No cession of the balance due under any bond shall be registered until the amount paid in reduction thereof is noted. No substitution under any bond other than a bond passed to secure future advances, part of the capital amount of which has been repaid, shall be registered, until the part payment or reduction of cover, as the case may be, is noted.

 

53. Bonds hypothecating rights may be registered in the Mineral and Petroleum Titles Registration Office only if provision is made for the hypothecation of such rights in the laws by which they have been created. Where such laws stipulate that certain conditions have to be fulfilled prior to hypothecation proof of compliance with such conditions shall be furnished before such bonds are registered.

 

54. The written consent referred to in section 35 of the Act shall be lodged in duplicate. The original copy of the consent shall be filed in the Mineral and Petroleum Titles Registration Office and the duplicate copy annexed to the bond.

 

55.
(a) If a collateral bond or a surety bond is lodged for registration in the Mineral and Petroleum Titles Registration Office and the principal bond is registered (or to be registered) in any deeds registry a copy of such principal bond, certified by the Registrar concerned or conveyancer lodging the collateral or surety bond shall be lodged for filing with such collateral or surety bond.
(b) If the collateral bond or surety bond is drawn substantially in accordance with the form provided in Schedule A to these regulations, sub-regulation (a) need not be complied with.
(c) In the event of a collateral bond or surety bond being required to be executed simultaneously with the principal bond, the Registrar of Deeds concerned shall advise the Director-General of the execution of the principal bond.

 

56. If the registered holder of a mortgage bond which has been lost or destroyed or his lawful representative desires to procure cancellation of the entry relating thereto in the register, the Director-General shall upon written application by the legal holder or his lawful representative, duly witnessed, cancel such entry. Any cancellation so effected shall be deemed to be a cancellation of such bond without formal consent to cancellation.