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(i) the judgment or order in respect of which a charge is to be imposed was made against th person as trustee of the trust;
(ii) the whole beneficial interest under the trust is held by the debtor unencumbered and for his own benefit; or
(iii) in a case where there are two or more debtors all of whom are liable to the creditor for the same debt, they together hold the whole beneficial interest under the trust unencumbered and for their own benefit.
(2) The assets referred to in subsection (1) are— (a) land;
(b) securities of any of the following kinds—
(i) Government stock;
(ii) stock of any body incorporated in Hong Kong;
(iii) stock of any body incorporated outside Hong Kong or of any state or territory outside Hong Kong, being stock registered in a register kept at any place within Hong Kong;
(iv) units of any unit trust in respect of which a register of the unit holders is kept at any place within Hong Kong; or
(c) funds in court.
(3) In any case where a charge is imposed by a charging order on any interest in an asset of a kind mentioned in subsection (2)(b) or (c), the High Court may provide for the charge to extend to any interest, dividend or other distribu- tion payable and any bonus issue in respect of the asset.
(4) In this section-
1979 c. 53, s. 6. “dividend" includes any distribution in respect of any unit of
a unit trust;
Provisions
"stock" includes shares, debentures, loan stocks, funds, bonds, notes, any other securities issued by the body concerned, whether or not constituting a charge on the assets of that body and any rights or options to subscribe for or be allotted any of the foregoing; and
“unit trust" means any trust established for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under the trust, in any profits or income arising from the acquisition, holding, manage- ment or disposal of any property whatsoever.
20B. (1) A charging order may be made either ab- supplementary solutely or subject to conditions as to notifying the debtor or as to the time when the charge is to become enforceable, or as to other matters.
to sections 20 and 20A.
1979 c. 53, s. 3.
(Cap. 128.)
(Cap. 128.)
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(2) The Land Registration Ordinance shall apply in relation to charging orders as it applies in relation to other orders or writs issued or made for the purpose of enforcing judgments.
(3) Subject to the provisions of this Ordinance, a charge imposed by a charging order shall have the like effect and shall be enforceable in the same courts and in the same manner as an equitable charge created by the debtor by writing under his hand.
(4) The High Court may at any time, on the application of the debtor or of any person interested in any property to which the order relates, make an order discharging or varying the charging order.
(5) In the case of a charging order registered pursuant to the Land Registration Ordinance, if an order under subsec- tion (4) discharging the charging order is made, the Land Officer shall on the filing with him of a memorial and an office copy of such order, enter a discharge of such charging order on the register, and may issue certificates of such entry.".
15. Section 21 of the principal Ordinance is amended— (a) by deleting “a bank” and substituting the following—
"an authorized financial institution";
(b) by being renumbered as subsection (1) thereof; and (c) by inserting, after subsection (1), the following--
(27 of 1986.)
"(2) In this section "authorized financial institution" means an institution licensed or registered under the Banking Ordinance 1986.”.
Amendment of section 21.
16. Section 21A(5) of the principal Ordinance is amended by deleting Amendment of "deputy or assistant registrar" and substituting the following-
"Master".
section 21A.
17. Section 21B(10) of the principal Ordinance is amended by deleting Amendment of "deputy or assistant registrar" and substituting the following—
"Master".
section 21B.
18. The principal Ordinance is amended by adding, after section 21B, Addition of the following-
"Effect of writs of execution against goods. 1981 c. 54, s. 138.
21C. (1) Subject to subsection (2), a writ of fieri facias or other writ of execution against goods issued from the High Court shall bind the property in the goods of the execution debtor as from the time when the writ is delivered to the bailiff to be executed.
(2) A writ of a kind referred to in subsection (1) shall not prejudice the title to any goods of the execution debtor acquired by a person in good faith and for valuable considera- tion unless he had, at the time when he acquired his title,
new sections 21C to 21L.