46(1)The Companies Act 1985 shall be amended in accordance with this paragraph.
(2)In—
(a)section 396(1)(a)(ii) (charges requiring registration) unless the circumstance mentioned in sub-paragraph (4) below arises; or
(b)section 410(4)(a) (charges void unless registered) if that circumstance does arise,
the words “, ground annual” shall cease to have effect.
(3)If the amendment in head (b) above falls to be made, the amendment in head (a) above shall, on section 92 of the Companies Act 1989 coming into force, have effect.
(4)The circumstance is that section 92 of the Companies Act 1989 has not come into force by the date on which this schedule comes into force.
(5)In Schedule 4, in paragraph 93 (interpretation of Schedule), the words “is the proprietor of the dominium utile or, in the case of land not held on feudal tenure,” and “; and the reference to ground-rents, rates and other outgoings includes feu-duty and ground annual” shall cease to have effect.
(6)In Schedule 9, in paragraph 86 (interpretation of Schedule), the words “is the proprietor of the dominium utile or, in the case of land not held on feudal tenure,” and “; and the reference to ground-rents, rates and other outgoings includes a reference to feu-duty and ground annual” shall cease to have effect.