Northern Ireland (Emergency Provisions) Act 1991

Charging orders: supplementary provisions

7 (1) Subject to any provision made under paragraph 10 below or by rules of court, 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 person or persons who are entitled to make such charges over the realisable property.

(2) Where a charging order has been protected by an entry registered under the [1970 c. 18 (N.I.).] Land Registration Act (Northern Ireland) 1970 or the Registration of Deeds Acts, an order under paragraph 6(6) above discharging the charging order may direct that the entry be vacated.

(3) The Secretary of State may by order amend paragraph 6 above by adding to or removing from the kinds of asset for the time being referred to there any asset of a kind which in his opinion ought to be so added or removed.

(4) In this paragraph and paragraph 6 above—

• “building society” has the same meaning as in the [1986 c. 53.] Building Societies Act 1986;

• “dividend” includes any distribution in respect of any unit of a unit trust;

• “government funds or stocks” has the same meaning as in the [S.I. 1981/226 (N.I.6).] Judgments Enforcement (Northern Ireland) Order 1981;

• “stock” includes shares, debentures and any securities of the body concerned, whether or not constituting a charge on the assets of that body;

• “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.