sec.61QVMortgages require Ministerial approval

### sec.61QV Mortgages require Ministerial approval A plantation licensee or plantation sublicensee may grant a mortgage over its rights under a plantation licence or plantation sublicence only with the Minister’s written approval. A plantation licensee or plantation sublicensee that grants a mortgage over its rights in a plantation licence or plantation sublicence with the Minister’s approval may also grant a mortgage over its rights in a related agreement to the mortgagee— with the chief executive’s written approval; and if not prohibited by the related agreement. If the Minister decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee under a plantation licence or plantation sublicence, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it. If the chief executive decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee in a related agreement, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it. s 61QV ins 2010 No. 12 s 45 (sec.61QV-ssec.1) A plantation licensee or plantation sublicensee may grant a mortgage over its rights under a plantation licence or plantation sublicence only with the Minister’s written approval. (sec.61QV-ssec.2) A plantation licensee or plantation sublicensee that grants a mortgage over its rights in a plantation licence or plantation sublicence with the Minister’s approval may also grant a mortgage over its rights in a related agreement to the mortgagee— with the chief executive’s written approval; and if not prohibited by the related agreement. (sec.61QV-ssec.3) If the Minister decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee under a plantation licence or plantation sublicence, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it. (sec.61QV-ssec.4) If the chief executive decides to refuse to approve the grant of a mortgage over the rights of a plantation licensee or plantation sublicensee in a related agreement, the plantation licensee or plantation sublicensee must be given a written notice of the decision and the reasons for it. - (a) with the chief executive’s written approval; and - (b) if not prohibited by the related agreement.