Section 22: Pledging of debentures
consolidated text (as at 2004, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
22. Pledging of debentures
(1) A debenture issued under this Act may be given in pledge in any civil
or commercial transaction by a written instrument signed by the pledgor and
the pledgee.
(2) The instrument shall state—
(a) the nature of the debt in respect of which the pledge is given;
and
(b) that the debenture issued to the pledgor has been delivered to
the pledgee in warranty of the debt.
(3) No pledge shall be valid unless the debenture delivered to the pledgee
has been endorsed by the Authority.
(4) Where a debenture has been given in pledge, the Authority shall, after
endorsement of the debenture, make an entry to that effect in its register of
debentures.
(5) Notwithstanding articles 2074 and 2075 of the Code Civil Mauricien,
a pledge given under this section shall, to all intents and purposes, be valid
as regards the parties to the pledge or any third party.
(6) Where the Authority is satisfied that a pledge given under this section
has been redeemed, it shall cancel the endorsement on the debentures relating to the pledge and make an entry to that effect in the register of
debentures.