CAP. 4
Supreme Court
[1989 Ed.
(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 distribution payable and any bonus issue in respect of the asset.
(4) In this section-
“dividend" includes any distribution in respect of any unit of a unit trust;
[cf. 1979 c. 53 s. 6 U.K.]
"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, management or disposal of any property whatsoever.
(Added 52 of 1987 s. 14) [cf. 1979 c. 53 s. 2 U.K.]
20B. Provisions supplementary to sections 20 and 20A
(1) A charging order may be made either absolutely 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.
(2) The Land Registration Ordinance (Cap. 128) 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 (Cap. 128), if an order under subsection (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.
(Added 52 of 1987 s. 14) [cf. 1979 c. 53 s. 3 U.K.]
223
CAP. 4
Supreme Court
[1989 Ed.
(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 distribution payable and any bonus issue in respect of the asset.
(4) In this section-
“dividend" includes any distribution in respect of any unit of a unit trust;
[cf. 1979 c. 53 s. 6 U.K.]
"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, management or disposal of any property whatsoever.
(Added 52 of 1987 s. 14) [cf. 1979 c. 53 s. 2 U.K.]
20B. Provisions supplementary
to sections 20 and 20A
(1) A charging order may be made either absolutely 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.
(2) The Land Registration Ordinance (Cap. 128) 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 (Cap. 128), if an order under subsection (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.
(Added 52 of 1987 s. 14) [cf. 1979 c. 53 s. 3 U.K.]
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