Article 67 Redemption by SMCL administrator

The SMCL administrator may at any time deliver a notice to a creditor whose debt is secured that the SMCL administrator proposes, at the expiration of 28 days from the date of the notice, to redeem the security at the value put upon it in the creditor’s proof.

The creditor then has 21 days (or such longer period as the SMCL administrator may allow) in which, if the creditor so wishes, to alter the value of the creditor’s security in accordance with Rule 65.

If the creditor alters the value of the security in accordance with Rule 65, the SMCL administrator may only redeem at the new value.

If the SMCL administrator redeems the security, the cost of transferring it is payable out of the assets of the SMCL.

A secured creditor may at any time deliver a notice to the SMCL administrator requiring the SMCL administrator to elect whether or not to redeem the security at the value then placed on it; and the SMCL administrator then has three months in which to redeem the security or elect not to redeem the security.