Mortgages require Ministerial approval
61QV Mortgages require Ministerial approval
A plantation licensee or plantation sublicensee may grant a mortgage over its rights under a plantation licence or plantation sublicence only with the Minister’s written approval.
A plantation licensee or plantation sublicensee that grants a mortgage over its rights in a plantation licence or plantation sublicence with the Minister’s approval may also grant a mortgage over its rights in a related agreement to the mortgagee—
with the chief executive’s written approval; and
if not prohibited by the related agreement.
If the Minister decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee under a plantation licence or plantation sublicence, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it.
If the chief executive decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee in a related agreement, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it.
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