Mortgagee notices and agreements
25 Mortgagee notices and agreements
Sch. 15 cl. 25(1) amended by No. 85/2006 s. 146(1).
In the case of a mortgage over the whole or a part of any parcel of land where the owner of the whole or a part of the parcel is deemed to be the owner of a water share by the operation of Part 2, the Authority, responsible for managing the irrigation district in which the water system from which the water share is derived is situated, must notify the owner, in the form and manner specified in the conversion rules, of the existence of the mortgage over the land and advise the owner that clause 26 will apply to the mortgage.
Sch. 15 cl. 25(1A) inserted by No. 85/2006 s. 146(2).
A notice under subclause (1) must be given by the Authority before the appointed day for the water system, when it is practicable to do so.
For the purposes of this section, mortgage in relation to land under the Transfer of Land Act 1958, means a recorded mortgage under that Act.
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