(3) The variation of a registered charging order shall be effected by the registration of an order of a court of competent jurisdiction providing for the variation.
(4) The discharge of a registered charging order shall be effected by the removal of the entry in the Title Register referring to the order consequent upon the presentation to the Registrar of an order of a court of competent jurisdiction providing for the discharge.
(5) Without prejudice to the generality of any other provisions of this Ordinance under which the registration of a judgment, order or lis pendens may be removed or withdrawn, subsections (1) and (2) shall, with all necessary modifications, apply to a judgment, order or lis pendens as they apply to a charging order.
(6) A charging order, judgment or order shall be registered in the manner prescribed by the regulations.
37. Form and effect of charges
(1) A charge on registered land or a registered long term lease shall be effected by—
- (a) its registration as an incumbrance; and
- (b) the registration of the person in whose favour it is made as its owner.
(2) Where, in relation to a registered charge which is a charge to which Part III of the Companies Ordinance (Cap. 32) applies, there is any conflict or inconsistency between the provisions of this Ordinance and the provisions of that Part, then the provisions of that Part (including that Part as read with any other provisions of the Companies Ordinance (Cap. 32) to which it is subject) shall, to the extent of the conflict or inconsistency, as the case may be, prevail over the provisions of this Ordinance.
(3) For the avoidance of doubt, it is hereby declared that—
- (a) a registered charge shall not operate as a transfer of the registered land or the registered long term lease which is subject to the charge but shall have effect as a security only; and
- (b) where the registered charge is a mortgage effected by a legal charge within the meaning of section 2 of the Conveyancing and Property Ordinance (Cap. 219), the registration of the charge under this Ordinance shall not affect the operation of section 44(2) of that Ordinance.
