Auctioneers and House Agents Act, 1967
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Substitution of one form of deposit for another. |
3.—(1) Notwithstanding section 16 of the Principal Act, a person who has made a deposit in money in the High Court under that Act may obtain a release of the deposit on condition that he has made in the High Court either a deposit of authorised securities of the required value or a deposit of a guarantee bond which is retrospective to such extent as may be necessary in order to meet any proper claim in respect of which money could have been paid out of the released deposit. | |
(2) Notwithstanding section 16 of the Principal Act, a person who has made a deposit in the High Court under that Act by the deposit of authorised securities may obtain a release of the deposit on condition that he has made in the High Court either a deposit in money to the required amount or a deposit of a guarantee bondwhich is retrospective to such extent as may be necessary in order to meet any proper claim in respect of which money could have been paid out of the released deposit. | ||
(3) In this section— | ||
“guarantee bond” means a guarantee bond of the type mentioned in section 14 (d) (ii) of the Principal Act; | ||
“authorised securities” means securities authorised by rules of court for the investment of moneys under the control of the High Court; | ||
“required value” means the value required by either section 14 of the Principal Act or section 2 of this Act, as may be appropriate. |