Section 143
Forms of charges
⎯(1) Whenever any estate or interest in land is intended to be charged with, or made security for, payment of any money, the registered proprietor and chargee shall execute a memorandum of charge in Form H(1) or H(2) in the First Schedule, which memorandum shall give such description of the land as may be necessary, shall refer to the entry in the Register relating thereto and shall contain a precise statement of the estate or interest intended to be charged. Any such charge may contain such other special conditions as may have been agreed to by the parties, but shall not contain a charge over property other than land or an estate or interest in land.
(2)
If the proprietor and the chargee agree that no dealing shall be registered against the land during the period of the charge, the following covenant shall be included in the charge:
“I (We) ............................................................... registered proprietor(s) and I (We) ............................ chargee(s), hereby agree that during the period of this charge no dealing shall be registered against the property unless the chargee has given his consent to such registration.”.
(3)
Upon registration of the charge the covenant shall operate as a caveat against the registration of any dealing affecting the land during the period of the charge, unless it is with the written consent of the chargee:
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Provided that nothing in this subsection shall operate to prohibit the registration of any transmission affecting the land in consequence of the death or bankruptcy of the chargor or a dealing pursuant to an order of a court of competent jurisdiction.
Profits and other moneys secured by any charge where an Islamic bank is the Chargee 143A. For the purposes of sections 144 to 157, “interest” shall be construed to mean, in relation to any charge where any bank licensed under the Islamic Banking Act 1983 [Act 276] is the registered
Chargee, the gain, profit or other moneys due thereon in accordance with the terms of the charge.
[Ins. Cap. A17.]