Section 148
⎯(1)
If default be made in the payment of the principal sum, interest or other moneys secured by a charge, or in the observance of any agreement, expressed or implied in any charge, the chargee may give to the chargor, his personal representatives or assigns, notice in writing that the chargee will resort to all available remedies unless such default be remedied.
(2)
If the chargor fails to comply with the requirements of any notice lawfully given, the chargee shall be at liberty to apply to the
High Court⎯
(a)
for an order entitling him to enter into possession and to be registered as proprietor of the charged land;
(b)
to receive the rents and profits of the charged land; or
(c)
for the sale of the charged land, and the Court after hearing the evidence may make such order as in the circumstances seems just:
Provided that where a licence for the establishment of a planted forest has been granted under section 65B of the Forests Ordinance
[Cap. 126 (1958 Ed.)] and a caveat has been lodged by the holder thereof against the land prior to the registration of the charge favouring the chargee—
(i)
no relief shall be granted under this section unless and until a copy of the application made by the chargee and all
130
relevant documents in support thereof have been duly served on the holder of such licence; and
(ii)
any order for the possession of the charged land or the sale thereof and any memorandum of transfer executed pursuant to section 150(3) shall be made expressly subject to the rights, interests and caveat of the holder of any licence for the establishment of a planted forest granted under section 65B of the
Forests Ordinance [Cap. 126 (1958 Ed.)] unless such holder is the purchaser of the charged land.
[Ins. Cap. A42.]
(3)
The notice under subsection (1) shall comply with the terms of the charge:
Provided that, without prejudice to section 145(4), if no period of notice for the purposes of this section is stipulated by the charge, not less than thirty days’ notice shall be given.