New Clause 326
Company Law Reform Bill [Lords]
1:45 pm
Charges which have to be registered: supplementary (No. 2)
‘(1) A charge on land, for the purposes of section (Charges created by a company (No. 2))(7)(a), includes a charge created by a heritable security within the meaning of section 9(8) of the Conveyancing and Feudal Reform (Scotland) Act 1970.
(2) The holding of debentures entitling the holder to a charge on land is not, for the purposes of section (Charges created by a company (No. 2))(7)(a), deemed to be an interest in land.
(3) It is immaterial for the purposes of this Chapter where land subject to a charge is situated.
(4) The deposit by way of security of a negotiable instrument given to secure the payment of book debts is not, for purposes of section (Charges created by a company (No. 2))(7)(c)(vii), to be treated as a charge on those book debts.
(5) References in this Chapter to the date of the creation of a charge are—
(a) in the case of a floating charge, the date on which the instrument creating the floating charge was executed by the company creating the charge, and
(b) in any other case, the date on which the right of the person entitled to the benefit of the charge was constituted as a real right.
(6) In this Chapter “company” means an incorporated company registered in Scotland.’.—[Margaret Hodge.]