Cap. 14235
Movnsm Pnopnnnr $scuruw lurnnrsrs
No.gftAfi
(2) If the temrs of a security agre€ment creating a security interest so allow,
the seqrred crcditor may seize anC take custody of the movable asset subjeted to the
security agreement pending the grant of provisional sentence in relation thereto.
(3) Addilional provisions on the enfscement of security intercsts are set forth
in Part Vof the Second Schedule.
I
Reglstered noticss and other enlrlee in Gollateral Register to be
concluslve proof of rlghte and obllgatons
(l) Every registered notice or amendment or cancellation thercof and other
entry in the Collateral Regrstry shall be deenpd to be the definitive record of any right
or obligation recorded therein, and in the event of any inconsistency between such
registercd notice tr entry and any other record of such rig[t kept in terms of any othr
law, the enty in the Collateral Registry shall prevail as proof of the right or obligation
concerned and of any particular thene<f.
(2) A document purporting to be a certificate issued by the Registrar of the
contents of any registered notice or amendment c cancellation thercof and otberentry
in fte Collateral Registry shall be admissible in any proceedings on its pro&rction by
any person as primafacre evidence of such content$.
10 Erennption from llability of Fegietrar, Reglstry and Reserue Bank
Noliability shall auach othe C,ollateralRegistry,theRegistar,ttreResenre Bank
or any other person acting with the authority or under the direction of the Registrar or
the Reserve Bank for any loss or damage sustained as a result of the born fdc exercise
or performance of any firnction, power or duty conferred or imposed on the p€rson
concerred by this Act:
hovided that this section shall not be construed as p'reventing anyone from
recovering damages or compensation in any compeEent court for loss or damage that
was caused by negligence.
11
Regulatione
(l)
The Mnisterrray make regulations for, or with respect to, any mattsr und€r
this Act that is nooessary or convenient to be prescribed by regulations for carrying out
or giving effect to this Act.
(2) Without limiting sub'section
following matters-
(l),
regulations may provide for any of the
(a) the condrct of the business of the Collateral Regrstry; or
(b) the fomrat of notices to be rcgister,ed in the Collateral Registry; or
(c) the payment of fees in respect of any matter under Pat Itr of the First
Schedule; o'r
(d) the provision of copies of any noices registered in the Collateral Registry
and the certification of such copies; or
(e)
penalties for sonfraventions of the regulations:
Provided that no such penalty shall exceed a fine oflevel fourteen
or imprisonnrcnt for a period of five years or both such fine and such
irnprisonment; or
(D
any matter in relation to the Collateral Regrstry.
153