This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 539.— In what form should security on standing timber and timber licenses be taken under chapter 26, 1900, section 16?
This section has been placed in the copy of " The Bank Act and Amendments" (issued by the Journal) under section 74, but there does not appear to be any authority for treating it as part of that section.
Answer.—In publishing "The Bank Act and Amendments" the new matter was placed as nearly as possible in its natural position throughout the Act. This is the only reason why section 16 of the Amending Act of 1900 appears between sections 74 and 75. It is not, however, intended as an addition to section 74.
As regards the form of the security, it may be assumed that whatever is necessary under the Provincial law should be followed. In the case of timber licenses a transfer of the usual kind recorded in the Crown timber office would be necessary. In the case of timber standing on land owned by the customer the same procedure should be followed as would be adopted if a private person were taking security on the timber.