Section 18: Pledging of debentures and debenture stock
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
18. Pledging of debentures and debenture stock
(1) (a) Debentures and debenture stock may be given in pledge in all civil
and commercial transactions.
(b) A pledge under paragraph (a) shall be sufficiently proved by a
transfer inscribed in a register kept for that purpose by the Board, specifying
that the pledgee holds the debentures or debenture stock not as owner but
in a pledge of a debt, the amount of which shall be mentioned.
(c) A transfer under paragraph (b) shall be signed by the pledger and
by the pledgee or by the holders of their power of attorney and by the Chairperson of the Board.
(2) For every transfer the Board shall charge a fee not exceeding one rupee and 50 cents as the Board may decide.
(3) Notwithstanding articles 2074 and 2075 of the Code Civil Mauricien,
a pledge under this section shall to all intents and purposes be valid as regards the parties to the contract and all third parties.