S.L. 269.1 Art. 12Sequestration of pledges when tickets are lost, etc.

(1) If any person loses the ticket referred to in regulation

11(1), or if such ticket is destroyed or otherwise misplaced, the owner of the pledge shall file a statement with the Commissioner in the relative form as prescribed by the Commissioner.

(2) Where the Commissioner is satisfied that any such report made to him is genuine, he shall cause to be made a note of sequestration in the relative form as prescribed by the Commissioner.

(3) Pledges which have been sequestered in accordance with the provisions of this regulation shall not be withdrawn before the lapse of three years from the date on which the relative loan had been made.

(4) Withdrawal of pledges which have been sequestered in accordance with the provisions of this regulation shall only be effected on the furnishing of security to the Commissioner’s satisfaction for the payment of the real value of the pledge. Security shall also be provided in the case of repayment of any surplus remaining after the sale of sequestered pledges.