Section 146
⎯(1)
In the case of every charge under this Code⎯
(a)
the amount secured by the charge may be increased or reduced;
(b)
the rate of interest may be increased or reduced; and
(c)
the term or currency of the charge may be shortened, extended or renewed by a memorandum in one of the Forms I, J or K in the First Schedule, as is applicable :
Provided that it shall not be necessary for the chargor to execute a memorandum of reduction, or for the chargee to execute a memorandum of increase, of the amount of the charge:
Provided further that it shall not be necessary for the chargor or chargee to execute a memorandum of reduction or increase of the rate of interest payable under the charge.
[Ins. Ord. No. 5/90.]
(2)
The memorandum may include all or any of the matters referred to in subsection (1) and the said Forms may be modified accordingly.
(3)
A memorandum varying the terms or conditions of any charge of land subject to a subsequent charge shall not be binding on any chargee unless he has consented thereto in writing, but that consent shall render such memorandum binding on the chargee so consenting.
129
Sub-charges