Section 12:

12. (1) Where a security is so valued, the trustee may at any time redeem it on payment to the creditor of the assessed value. (2) (a) Subject to paragraph (3), where the trustee is dissatisfied with the value at which a security is assessed, he may require that the property comprised in any security so valued be offered for sale at such times and on such terms and conditions as may be agreed on between the creditor and the trustee, or as, in default of such agreement, the Court may direct. (b) Where the sale is by public auction, the creditor, or the trustee on behalf of the estate, may bid or purchase. (3) A creditor may at any time, by notice in writing, require the trustee to elect whether he will or will not exercise his power of redeeming the security or requiring it to be realised, and if the trustee does not, within 6 months after receiving the notice, signify in writing to the creditor his election to exercise the power, he shall not be entitled to exercise it, and the equity of redemption, or any other interest in the property comprised in the security which is vested in the trustee, shall vest in the creditor, and the amount of his debt shall be reduced by the amount at which the security has been valued.