Raja Azlan Shah J:

[1] This is an application by way of summons-in-chambers for an order that the applicant/chargee may be at liberty to discontinue this action which they had started by way of originating summons (OS No 374/69).

[2] The undisputed facts of the case are as follows:- The respondent/chargor borrowed a sum of $15,000 at an interest of 12% per annum from the applicant/ chargee, the Overseas Union Finance Ltd, a licensed moneylender. Repayment of the loan was on demand but until demand the respondent/chargor is to pay the principal sum at a monthly instalment of $346.50. To secure the repayment of the loan the respondent/chargor charged his land at No 14-C, Jalan Raja Laut, Kuala Lumpur to the applicant/chargee. The charge was duly registered under presentation No 374 Vol CXCVI, Folio 142.

[3] A memorandum of agreement for the loan was drawn up pursuant to s 16 of the Moneylenders Ordinance, 1951 and signed by the parties on 21 January 1969. A memorandum of charge was also drawn up and signed by the parties on the same day.

[4] On 19 August 1969 the applicant/chargee delivered a statutory notice of default under Form 16D of the National Land Code to the respondent/