(1) Notwithstanding anything contained in any law for the time being in force or in any contract or agreement, a usufructuary mortgage, whether executed before or after the commencement of this Regulation, shall, unless discharged earlier, be deemed to stand discharged after the expiration of fifteen years from the date of the mortgage as if the mortgage-debt had then been extinguished, and the mortgagee shall, on such expiration,— Discharge ol usufructuary mortgages.
(a) deliver possession of the mortgeged property, together with all the documents relating to such property, to the mortgagor, and
(b) re-transfer, at his cost, the mortgaged property to the mortgagor free from the mortgage and from all encumbrances created by him:
Provided that, in computing the period of fifteen years under this sub-section, the period from the 22nd day of March, 1942 to thr 7th day of October, 1945 shall be excluded.
(2) In this section references to "mortgagor" and "mortgagee'1 shall include references to any person claiming under the mortgagor and the mortgagee, respectively.