Page:Land Titles Ordinance (Cap. 585).pdf/35

LAND TITLES ORDINANCE :(e) in the case of paragraph (a) or (b), remove the entry in the Title Register referring to the charge;
 * (f) in the case of paragraph (c) or (d), alter the entry in the Title Register referring to the charge or remove the entry or substitute a new entry, as the case may require.

42. Floating charge

(1) Subject to subsection (3), an instrument providing for a floating charge, whether or not it specifically identifies any registered land or registered long term lease charged, shall not be registrable as a charge.

(2) An instrument providing for a floating charge becomes—
 * (a) an instrument providing for a fixed charge on the registered land or the registered long term lease intended to be affected; and
 * (b) registrable as a charge on that land or lease,

upon crystallization of that charge as evidenced by a certificate signed by or on behalf of the chargee.

(3) An instrument providing for a fixed charge and a floating charge shall be registrable as a charge on the registered land or the registered long term lease which is subject to the fixed charge.

43. Transfer

(1) A transfer of registered land, a registered charge or a registered long term lease shall be effected by the registration of the transferee as—
 * (a) the owner of the registered land;
 * (b) the owner of the registered charge; or
 * (c) the lessee of the registered long term lease,

as the case may be.

(2) The transferee of a registered charge may require the chargor to execute the transfer for the purpose of acknowledging the amount due under the charge at the date of execution of the transfer, and the chargor shall comply with that requirement accordingly.

44. Division of land, etc.

(1) Subject to subsections (2) and (3), the Registrar shall not accept an application the registration of which will effect a division of registered land unless, in respect of each of the parcels of land to result from the division, the instrument accompanying the application and providing for the division is accompanied by a land boundary plan—
 * (a) showing and delineating those parcels; and