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).