HONG KONG LEGISLATIVE COUNCIL · 1 June 1988
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(b) in subsection (3), by deleting 'or' in the second and fifth places where it
occurs and substituting the following—
'and';
(c) by deleting the new subsection (5) and substituting the following—
'(5) A positive covenant shall not, by virtue only of this section, be enforceable against-
(a) a lessee from the covenantor or from a successor in title of the covenantor or from any person deriving title under or through the covenantor or a successor in title of the convenantor; or (b) any person deriving title under or through such a lessee; or (c) any person merely because he is an occupier of land.';
(d) in subsection (9)—
(i) by inserting, immediately after 'Ordinance', the following-
‘against the land affected by the covenant';
(ii) by deleting 'or' in the first place where it occurs and substituting the following
'and';
(iii) by inserting, immediately after 'under or through him', the following-
(e) in subsection (10)—
'or them';
(i) by deleting 'entered into both before and after' and substituting the following-
'whether entered into before or after';
(ii) by deleting '1987' and substituting the following-
'1988'.
Clause 18
That clause 18 be amended by deleting the new section 56A(1) and substituting the following-
'(1) A floating charge over property (whether or not it purports to restrict the chargor's right to alienate the property) shall not affect any estate or interest in any land, being part of the property, acquired by any other person before crystallisation of the floating charge, whether or not the other person had actual or constructive notice of the floating charge or of any such pur- ported restriction.".