133Mortgagee of leasehold interest of bankrupt may be

133 Mortgagee of leasehold interest of bankrupt may be entered as transferee of lease (1) Upon the bankruptcy or insolvency of the registered proprietor of any lease subject to mortgage under this Act, the registrar-general, upon the application in writing of the mortgagee accompanied by a statement in writing signed by the assignee or trustee of the bankrupt or insolvent certifying his or her refusal to accept the lease, shall enter in the register the particulars of the refusal, and the entry shall operate as a foreclosure, and the interest of the bankrupt or insolvent in the lease shall thereupon vest in the mortgagee.

Transmissions Part 14 (2) If the mortgagee neglects or declines to make the application mentioned in subsection (1), the registrar-general, upon application by the lessor, and proof of the neglect or refusal and of the matters mentioned in subsection (1), shall enter in the register notice of the neglect or refusal of the assignee or trustee to accept the lease, and the entry shall operate as a surrender of the lease.