This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 599.— In section 72 of the Bank Act a lien acquired by a bank on ships is subject to the law of the Province. No mention of the Provincial laws is made in section 74. Must security taken under this section be registered, if the Provincial laws require such registration ?
Answer.—No. The powers given by the Bank Act under section 74 override any provisions in the Provincial Statutes respecting the registration of liens.