Section 9:
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
9. (1) A secured creditor may exercise one of the following options:
(a) realise property subject to a security, if entitled to do so; or
(b) value the property subject to the security and prove in the bankruptcy as an unsecured creditor for the balance due (if any) after deducting the amount of the valuation; or
(c) surrender the security to the Official Receiver or liquidator for the
general benefit of the creditors and prove in the bankruptcy or liquidation as an unsecured creditor for the whole debt.
(2) A secured creditor may exercise the option in subparagraph (1) (a)
whether or not the creditor has exercised the option in subparagraph (1) (b).