HYPOTHECATION (REPEAL) ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title and commencement
2. Repeal of Cap. 46:05
3. Savings and transitional provisions
Act 31, 2022.
An Act to repeal the Hypothecation Act.
[Date of Commencement: ON NOTICE]]
1. Short title and commencement
This Act may be cited as the Hypothecation (Repeal) Act, and shall come into operation on such date as the Minister may, by Order published in the Gazette, appoint.
The Hypothecation Act (in this Act referred to as “the repealed Act”) is hereby repealed.
3. Savings and transitional provisions
(1) Notwithstanding the effect of the repeal under section 2, any subsidiary legislation made under the repealed Act shall continue to be of force and effect as if made under the provisions of the Movable Property (Security Interests) Act (Act No. 5 of 2022), to the extent that it is not inconsistent with such provisions, until revoked or amended under the Movable Property (Security Interests) Act.
(2) Any decision made, deed of hypothecation registered, an agreement, or any other action lawfully taken under the repealed Act is hereby deemed to be a decision made, deed of hypothecation registered, an agreement or an action taken under the Movable Property (Security Interests) Act.
(3) Any legal proceedings instituted or pending under the repealed Act shall be dealt with and determined in accordance with the procedure in place before the commencement of this Act.