253. Sub-mortgage of registered land.

Because a registered proprietor1 or a person entitled to be registered as a proprietor is entitled to exercise owner's powers2, and since those powers in relation to a registered charge3 consist of power to make a disposition of any kind permitted by the general law in relation to an interest of that description (other than a legal sub-mortgage)4 and power to charge at law with the payment of money indebtedness secured by the registered charge