Section 6 Security for and repayment of loan.C1

Any loan under the provisions of this Act shall be secured by a bond which shall be a charge on the holding in favour of the Commissioners, and shall either be repaid by half-yearly instalments of principal with such interest and within such term (not exceeding a period fixed by the Treasury) from the date of the loan, or at such date thereafter not exceeding eighteen months as may be agreed on, or shall be repaid with such interest and within such term by a terminable annuity payable by half-yearly instalments. The amount for the time being unpaid may at any time be discharged, and any such terminable annuity may at any time be redeemed in accordance with tables fixed by the Commissioners. A certificate by the Secretary of the Commissioners that the whole of the loan has been repaid, or that such terminable annuity has been redeemed, shall, without any other instrument, operate as a discharge of the said loan and extinction of the said terminable annuity, as the case may be, and the registration of such certificate in the register of Sasines shall be equivalent to the registration of a discharge of the said bond.