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Victorian.
The difficulties in interpreting
the term are so great, and the exceptions from
the term thrown up by the case law are so numerous
that various legal authorities have recommended
that this category of registrable charges be
repealed.
(ii) At an early stage, the Sub-Committee thought that
redrafting the paragraph along the lines of the
corresponding Australian legislation would be
helpful. Further consideration of this
proposal, however, showed that because of
certain differences in principle between the
provisions on registration of charges in the
Companies Ordinance and the Australian provisions,
the Australian definition of book charges
(a) would have to be extensively amended before
it could start to be regarded as reasonably
acceptable, and
(b) the amended version would be highly technical,
complicated and, regrettably, as much subject
to exceptions and as easily avoided by the
sophisticated as the existing provisions.
(iii) The Sub-Committee have therefore recommended that
paragraph (e) of subsection 80(2) be repealed.
(iv) However, if this recommendation for repeal is not
acceptable to Government, the Sub-Committee have
reached the conclusion that a considerable proportion
of the problems which arise with paragraph (e) in
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