Payment
of certain debts out of assets subject to floating charge in priority to claims under the charge. 19 & 20 Geo. 5, c. 23, 6. 78.
1040
78.-(1) Where, in the case of a company registered in this Colony, either a receiver is appointed on behalf of the holders of any debentures of the company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property comprised in or subject to the charge, then, if the company is not at the time in course of being wound up, the debts, which in every winding-up are under the provisions of Part V of this Ordinance relating to preferential payments to be paid in priority to all other debts, shall be paid out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.
(2) The period of time mentioned in the said provi- sions of Part V of this Ordinance shall be reckoned from the date of the appointment of the receiver or of possession being taken as aforesaid, as the case may be.
(3) Any payments made under this section shail be recouped as far as may be out of the assets of the company available for payment of general credi tors.
Registration of charges created by companies registered in the Colony,
19 & 20 Geo.
5, c. 23, 3. 79.
PART III.
REGISTRATION OF CHARGES.
Registration of Charges with Registrar of Companies.
79.--(1) Subject to the provisions of this Part of this Ordinance, every charge created after the fixed date by a company registered in the Colony and being a charge to which this section applies shall, so far as any security on the company's property or undertaking is conferred thereby, be void against the liquidator and any creditor of the company, unless the prescribed particulars of the charge, together with the instrument, if any, by which the charge is created or evidenced, are delivered to or received by the registrar of companies for registration in manner required by this Ordinance with n five weeks after the date of its creation, but without prejudice to any contract or obligation for repayment of the money thereby secured, and when a charge becomes void under this section the money secured thereby shall immediately become payable.
(2) This section applies to the following charges:
(a) a charge for the purpose of securing any issue
of debentures;
(b) a charge on uncalled share capital of the
company:
(c) a charge created or evidenced by an instru- ment which, if executed by an individual, would require registration as a bill of sale; (d) a charge on land, wherever situate, or any
interest therein;
(e) a charge on book debts of the company; (f) a floating charge on the undertaking or
property of the company;
(g) a charge on calls made but not paid; (h) a charge on a ship or any share in a ship; (i) a charge on goodwill, on a patent or a licence under a patent, on a trademark or on A copyright or a licence under a copyright.
(3) In the case of a charge created out of the Colony (or, in the case of a China company, created outside the district of the British Consulate of Shang- hai) comprising solely property situate outside the