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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 51

Repayment of money borrowed where no time fixed.

51. If no time be fixed in the mortgage deed or bond for the repayment of the
money so borrowed, the party entitled to the mortgage or bond may, at the
expiration or at any time after the expiration of twelve months from the date
of such mortgage or bond, demand payment of the principal money thereby
secured, with all arrears of interest, upon giving six months previous notice
for that purpose; and in the like case the company may at any time pay off the
money borrowed, on giving the like notice; and every such notice shall be in
writing or print, or both, and if given by a mortgagee or bond creditor shall
be delivered to the secretary or left at the principal office of the company,
and if given by the company shall be given either personally to such mortgagee
or bond creditor or left at his residence, or if such mortgagee or bond
creditor be unknown to the directors, or cannot be found after diligent
inquiry, such notice shall be given by advertisement in the London or [Belfast
Gazette], according as the principal office of the company shall be in England
or Ireland, and in some newspaper, as after-mentioned.

© 1845 Crown Copyright

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