5Certain provisions of *Mining Act 1904* etc. and *Transfer of Land Act 1893* not to apply to floating charge

##### 5. Certain provisions of *Mining Act 1904* etc. and *Transfer of Land Act 1893* not to apply to floating charge Notwithstanding the provisions of section 82 of the *Mining Act 1904* 2 and of regulations 192 and 193 made thereunder and of section 81D of the *Transfer of Land Act 1893*, — (a) no mortgage or charge in a form commonly known as a “floating charge” made or given, whether made or given before or after the commencement of this section, pursuant to clause 19 of the Agreement over any lease, licence, reserve or tenement granted under or pursuant to the Agreement by the Company or any assignee or appointee who has executed, and is for the time being bound by deed of covenant made pursuant to clause 19 of the Agreement; and (b) no transfer or assignment, whether made or given before or after the commencement of this section, in exercise of any power of sale contained in such mortgage or charge, shall require any approval or consent other than such consent as may be necessary under clause 19 of the Agreement and no such mortgage or charge shall be rendered ineffectual as an equitable charge by the absence of any approval or consent otherwise than as required by clause 19 of the Agreement or because the same is not registered under the provisions of the *Mining Act 1904* 2. [Section 5 inserted: No. 63 of 1967 s. 4.]