sec.71Notice of intention to exercise powers under mortgage

sec.71 Notice of intention to exercise powers under mortgage

This section applies if a mortgage has been granted over a distribution authority and the distributor has defaulted under the mortgage. The mortgagee may exercise its powers under the mortgage only if the mortgagee has given the regulator at least 20 business days notice of the mortgagee’s intention to exercise powers under the mortgage that relate to the authority. Any purported exercise of a power under the mortgage relating to the authority in contravention of subsection (2) is of no effect. (sec.71-ssec.1) This section applies if a mortgage has been granted over a distribution authority and the distributor has defaulted under the mortgage. (sec.71-ssec.2) The mortgagee may exercise its powers under the mortgage only if the mortgagee has given the regulator at least 20 business days notice of the mortgagee’s intention to exercise powers under the mortgage that relate to the authority. (sec.71-ssec.3) Any purported exercise of a power under the mortgage relating to the authority in contravention of subsection (2) is of no effect.