It is urged, however, that the respondent was not the "holder,"
either of the improvement lease or of the preferential occupation
licence, because it appears that, though she executed the transfer
as transferee, and appeared in the books of the Lands Depart-
ment as " lessee," the transfer of the lease to her, though absolute
in form, was really by way of mortgage. This seems to me an
extraordinary contention. Under the ordinary law, if a lender
of money take from the borrower an assignment of the lease as
security, the lender becomes the "holder" of the lease. He has
the legal title t6 the lease, and he is even liable for the rent to
the landowner while he is assignee. If trustees under the will
get the shares of a testator into their name, they are the share-
holders, although the beneficial interest belongs to others. If on
a sale of land they take promissory notes from the purchaser, or
if they take a transfer of any such notes, they are the "holders"
of the notes: No doubt, the ordinary meaning of "holder" would
yield to a contrary meaning disclosed in the Act; but the Act
rather favours, if it does not establish, the ordinary meaning.
The words "lessee" and "licensee" are used to represent the
same idea as "holder of lease" or "licence " in secs. 145, 146, and
see secs, 64, 135 (5). In the Crown Rents Act 1890, which deals
with the amounts payable as rents and licence fees under the
Crown Lands Act 1884, the word "holder" means "the person
registered in the books of the Department of Lands as the holder
of the lease or licence in question." The defendant was so regis-
tered, and she was informed of the fact by letter from the Lands
Department, 13th January 1905.