Page:British and Foreign State Papers, vol. 144 (1952).djvu/390

366 that the rights of the pledgee, as regulated in this transitory provision, are guaranteed; and to that end it will not be necessary that the owner of the shares pignorated physically exhibit the shares at any meeting or meetings where those resolutions are adopted, provided that he accredits his character as such and the amount of stock possessed, by the books of the company or by means of documents which he presents.

(8) The provisions of the preceding rules shall not be applied with respect to those obligations which, in virtue of judicial or extrajudicial proceedings intended to collect them or to exact their fulfilment, have, prior to the date of promulgation of this transitory provision, resulted in the award of all of the encumbered property to the creditor or a third person, except in case that by a final decision of the courts the award has been or is declared null. If award of only part of the property has been made, this rule shall be’ observed with reference to the property awarded, and the other rules shall be observed with respect to. the part of the obligation which is still legally exactable, which, for the purposes of this transitory provision, shall be considered to be divided into as many obligations as there are mortgagors, or properties individually encumbered.

In the case of mortgages on urban properties comprised in Title 3 of Decree-Law No. 412, of August 14, 1934, with respect to which the creditor and debtor have made agreements subsequent to the promulgation thereof, such obligations shall be excluded from this transitory provision, provided there is evidence in writing and the debtor continues to enjoy the full benefits granted him by said agreements.

Any amount paid in excess of what was required to be paid in accordance with Decree-Laws 412 and 594 of 1934 shall be applied to the payments that are to be made in accordance with this provision, provided the debtor has not received any benefit in compensation for said payment in excess.

(9) Obligations secured by pledge prior to September 4, 1937, can be collected only from the property specifically encumbered in the contract, the right of personal action against the debtors or their guarantors being consequently extinguished.

(10) Notwithstanding what is provided in the initial paragraph of this transitory provision, in the case of debts contracted by reason of the deferred price of sale of sugar