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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 53

Arrears of interest, when to be enforced by appointment of a receiver.

53. Where by the special Act the mortgagees of the company shall be empowered
to enforce the payment of the arrears of interest, or the arrears of principal
and interest, due on such mortgages, by the appointment of a receiver, then,
if within thirty days after the interest accruing upon any such mortgage has
become payable, and after demand thereof in writing, the same be not paid, the
mortgagee may, without prejudice to his right to sue for the interest so in
arrear in any of the superior courts of law or equity, require the appointment
of a receiver, by an application to be made as herein-after provided; and if
within six months after the principal money owing upon any mortgage has become
payable, and after demand thereof in writing, the same be not paid, the
mortgagee, without prejudice to his right to sue for such principal money,
together with all arrears of interest in any of the superior courts of law or
equity, may, if his debt amount to the prescribed sum alone, or, if his debt
does not amount to the prescribed sum he may, in conjunction with other
mortgagees whose debts, being so in arrear, after demand as aforesaid, shall,
together with his, amount to the prescribed sum, require the appointment of a
receiver, by an application to be made as hereinafter provided.

© 1845 Crown Copyright

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