National Land Code (Revised - 2020) · Updated to 15 Oct 2020 · Chapter 1 · Creation of charges, and general provisions relating thereto
242. Form of charges
Feedback & supportEvery charge to secure the repayment of a debt, or the payment of any sum other than a debt, (in either case, whether the amount in question is to be paid as a lump sum or by instalments)
shall be effected by an instrument in Form 16a.
Form
“Form”, followed by a number and letter, means the form in the First Schedule identified by that number and letter;
Every charge to secure the payment of an annuity or other periodic sum—
shall be effected by an instrument in Form 16b; and
may if the parties think fit include provision whereby, in the event of the chargee exercising his power of sale, the proceeds of sale (so far as available for the purpose) are to be utilised in or towards the satisfaction of payments subsequently falling due.
264
National Land Code 395
Provisions of the
National Land Code
Modification
Provisions of the
National Land Code
Modification
Section 244
In its application to the Federal Territory of Labuan, in subsection (2), substitute for the words “any
Registry or Land Office” the words “the Registry”.
National Land Code
National Land Code 397
The provision included in any charge pursuant to paragraph (2)(b) may be provision for—
the setting aside, for the purpose of meeting the said payments, of any sum on investment, or
the retention by the chargee of the capitalised value of the said payments, or such other, or additional, provision as the parties think fit.