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Mining Titles Registration Act, 1967 (Act No. 16 of 1967)

Chapter VIII : Rights of Mortgagees

39. Return by Master in connection with insolvent estates and further provisions relative to insolvent estates

 

(1)
(a) If it appears from the liquidation account of any estate which has been sequestrated or from the vouchers relating thereto that a payment has been made to any creditor on account of a bond registered in the Mineral and Petroleum Titles Registration Office, the Master shall notify the Director-General of such payment.
(b) The Director-General shall, upon receipt of such notice, write off the amount in the appropriate register, on the registry duplicate of the bond and, if available, on the original bond.
(c) The holder of the bond shall deliver the bond to the Master, who shall forward it to the Director-General in order that the amount paid may be written off thereon.

[Section 39(1) substituted by section 31(a) of Act No. 24 of 2003]

 

(2)
(a) Except in cases where an insolvent has been rehabilitated in pursuance of a composition made by him or her with his or her creditors, the Master shall from time to time transmit to the Director-General a return specifying—
(i) the name and address of every person who has been rehabilitated after the sequestration of his or her estate; and
(ii) the rights and registered bonds appearing in the schedules lodged with the Master by or on behalf of such person or in the liquidation account of his or her estate,

and upon receipt of that return, the Director-General shall cancel in the appropriate registers all bonds registered therein against the rights of the said person prior to the sequestration of his or her estate and endorse the registry duplicates, and, if available, the bonds as cancelled.

(b) The holders of such bonds shall, when requested to do so by the Master, deliver the bonds to him or her, and the Master shall forward them to the Director-General for cancellation.

[Section 39(2) substituted by section 31(b) of Act No. 24 of 2003]

 

(3) If any of the rights mentioned in the return referred to in subsection (2) have not yet been transferred or ceded by the trustee, the Director-General shall note in the appropriate register that such rights have in terms of the law relating to insolvency vested in the trustee.

 

(4) Rights which have vested in a trustee in accordance with the provisions of the law relating to insolvency and which have not in terms of that law been revested in the insolvent may, whether before or after rehabilitation of the insolvent, be transferred or ceded only by the trustee, and shall not after such rehabilitation be transferred, ceded, mortgaged or otherwise dealt with by the insolvent until they have been transferred or ceded to him or her by the trustee: Provided that, notwithstanding the provisions of this Act, if after the rehabilitation the trustee has been discharged, or if there is no trustee in existence, the Master shall, if satisfied that the rehabilitated insolvent is entitled to the rights, give him or her transfer or cession thereof in such manner as may be prescribed.

[Section 39(4) substituted by section 31(c) of Act No. 24 of 2003]

 

(5) If by virtue of the provisions of the law relating to insolvency an insolvent has been revested with any rights, such rights shall not be transferred, ceded, mortgaged or otherwise dealt with by the insolvent until an endorsement that the rights have been restored to him or her has been made by the Director-General on the title deed evidencing the rights.

[Section 39(5) substituted by section 31(c) of Act No. 24 of 2003]

 

(6) Nothing in this section contained shall be construed as modifying any provision of the law relating to insolvency.

 

(7) The provisions of this section shall apply mutatis mutandis in respect of—
(a) estates liquidated and distributed under section 34 of the Administration of Estates Act, 1965 (Act No. 66 of 1965);
(b) companies which are unable to pay their debts and are liquidated or wound up by or under the supervision of the court under the law relating to companies; and
(c) assets of an applicant under the Agricultural Credit Act, 1966 (Act No. 28 of 1966), which are administered by a liquidator or trustee who has received from the Master a certificate mentioned in section 29 of the said Act.