Amendment of the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 20092
1
The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 20092 are amended as follows.
2
In regulation 8 (application and interpretation of Part) omit paragraph (5).
3
Omit regulations 9 to 22.
4
In regulation 23 (companies to keep available for inspection copies of instruments creating charges)—
a
in paragraph (1) for the words “requiring registration under this Part”, substitute “referred to in regulation 24(1)”;
b
omit paragraph (2).
5
In regulation 24 (company’s register of charges)—
a
for paragraph (1) substitute—
1
Every company to which this Part applies must keep available for inspection a register of charges and must, as soon as practicable and in any event within 21 days of the creation of the charge, enter in it—
a
any charge on land situated in the United Kingdom or any interest in such land;
b
any charge on ships, aircraft or intellectual property registered in the United Kingdom; and
c
any floating charge on the whole or part of the company’s property or undertaking situated in the United Kingdom.
b
in paragraph (2) after the word “property” insert “, land or undertaking”;
c
after paragraph (2) insert—
2A
Paragraph (1)(c) does not apply to a floating charge which expressly excludes all property or undertaking of the company situated in the United Kingdom or which purports to be a fixed charge.
2B
A charge on land, for the purposes of this regulation, includes a charge created by a heritable security within the meaning of section 9(8) of the Conveyancing and Feudal Reform (Scotland) Act 19703.
2C
The holding of debentures entitling the holder to a charge on land is not, for the purposes of this regulation, an interest in land.
6
In regulation 25(3)(a) (copies of instruments and company’s register of charges to be available for inspection)—
a
for “14” substitute “21”;
b
for “registration” substitute “entry on the register”; and
c
for “this Part” substitute “regulation 24(1)”.
7
In regulation 26(3) (exercise of right of inspection) for the words “company records” substitute “documents and register”.
8
Insert regulation 26A as follows—
Inspection by electronic means26A
Where the company and the person agree, the inspection referred to in regulation 26 may be carried out by electronic means.
9
Omit regulation 27 (deliveries of documents in language other than English).