https://www.taxtmi.com/caselaws?id=98634 An incorporated company could validly be treated as a mortgagor under an English mortgage, and nothing in the Transfer of Property Act excluded it from creating a mortgage with a statutory power of sale. The security over the company's assets therefore remained effective. Section 293(1)(a) of the Companies Act, 1956 was not attracted because the mortgages and hypothecations secured company property and did not amount to a sale, lease, or disposal of the company's undertaking. The clauses allowing the bank to take over management were treated as severable and invalid only to that extent, leaving the security documents otherwise effective. en-us Fri, 11 Apr 1969 00:00:00 +0530 Sat, 21 Jan 2012 13:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98634 An incorporated company could validly be treated as a mortgagor under an English mortgage, and nothing in the Transfer of Property Act excluded it from creating a mortgage with a statutory power of sale. The security over the company's assets therefore remained effective. Section 293(1)(a) of the Companies Act, 1956 was not attracted because the mortgages and hypothecations secured company property and did not amount to a sale, lease, or disposal of the company's undertaking. The clauses allowing the bank to take over management were treated as severable and invalid only to that extent, leaving the security documents otherwise effective. Case-Laws Companies Law Fri, 11 Apr 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98634