20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 40

THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911

created or evidenced, verified in the prescribed manner, shall have the same effect for the purposes of this section as the delivery and receipt of the instrument itself, and five weeks after the date on which the instrument or copy could, in due course of post, and if despatched with due diligence, have been received in the Colony, shall be substituted for five weeks after the date of the creation of the mortgage or charge, as the time within which the particulars and instrument or copy are to be delivered to the registrar; and

(77) where the mortgage or charge is created in the Colony but comprises property outside the Colony, the instrument creating or purport- ing to create the mortgage or charge may be sent for registration, notwithstanding that further proceedings may be necessary to make the mortgage or charge valid or effectual according to the law of the country in which the property is situate; and

(777) where a negotiable instrument has been given to secure the payment of any hook debts of a company, the deposit of the instrument for the purpose of securing an advance to the company shall not for the purposes of this section be treated as a mortgago or charge on those book debts; and

(fr) the holding of debentures entitling the holder to a charge on land shall not be deemed to be an interest in land.

(2) The registrar shall keep, with respect to each com- pang, a register in the prescribed form of all the mortgages and charges created by the company after the date of the coming into operation of this Ordinance, and requiring registration under this section, and shall, on payment of the prescribed fee, enter in the register, with respect to every such mortgage or charge, the date of creation, the amount secured by it, shert particulars of the property mortgaged or charged, and the names of the mortgagees or persons entitled to the charge.

(3) Where a series of debentures containing, or giving by reference to any other instrument, any charge to the beuefit of which the debenture holders of that series are entitled pari passa is created by a company, it shall be sufficient if there are delivered to or received by the regis- trar within five weeks after the execution of the deed containing the charge or, if there is no such deed, after thə execution of any debentures of the series, the following particulars :-

(a) the total amonut secured by the whole series; and (b) the dates of the resolutions authorising the issue of the series and the date of the covering deed, if any, by which the security is created or defined; and

(c) a general description of the property charged;

and

(d) the names of the trustees, if any, for the deben-*

ture holders;

together with the deed containing the charge, or, if there is no such deed, one of the debentures of the series, and the registrar shall, on payment of the prescribed fee, enter those particulars in the register:

Provided that, where more than one issue is made of de- bentures in the series, there shall be sent to the registrar for entry in the register particulars of the date and amount of each issue, but an omission to do this shall not affect the validity of the debentures issued.

(4) Where any commission, allowance, or discount has been paid or made, either directly or indirectly, by the company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any debentures of the company, or procuring or agree- ing to procure subscriptions, whether absolute or conditional, for any such debentures, the particulars required to be sent for registration under this section shall include particulars

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