sec.61SRMortgagee exercising power of sale

### sec.61SR Mortgagee exercising power of sale A registered mortgagee exercising power of sale over a plantation licence or plantation sublicence must obtain the Minister’s approval to any transfer of the plantation licence or plantation sublicence. A registered mortgagee transferring a plantation licence or plantation sublicence with the Minister’s approval obtained under subsection (1) may also transfer a related agreement— with the chief executive’s approval; and if permitted under the plantation licence and the related agreement. A transfer of a related agreement in accordance with subsection (2) has effect to transfer obligations of the plantation licensee or plantation sublicensee under the agreement to the transferee despite any rule of law to the contrary. s 61SR ins 2010 No. 12 s 45 (sec.61SR-ssec.1) A registered mortgagee exercising power of sale over a plantation licence or plantation sublicence must obtain the Minister’s approval to any transfer of the plantation licence or plantation sublicence. (sec.61SR-ssec.2) A registered mortgagee transferring a plantation licence or plantation sublicence with the Minister’s approval obtained under subsection (1) may also transfer a related agreement— with the chief executive’s approval; and if permitted under the plantation licence and the related agreement. (sec.61SR-ssec.3) A transfer of a related agreement in accordance with subsection (2) has effect to transfer obligations of the plantation licensee or plantation sublicensee under the agreement to the transferee despite any rule of law to the contrary. - (a) with the chief executive’s approval; and - (b) if permitted under the plantation licence and the related agreement.