BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Charge
ceasing to
affect
company’s
property.
26/2005
Priority of
relevant
charges.
26/2005
(a) register the variation of the charge; and
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(b) issue a certificate of variation and send a copy of the certificate
to the company and to the chargee.
(4) The Registrar shall state in the Register of Registered Charges and on
the certificate of variation the date and time on which a variation of
charge was registered.
(5) A certificate issued under subsection (3) is conclusive proof that the
variation referred to in the certificate was registered on the date and
time stated in the certificate.
165. (1) Where a charge registered under section 163 ceases to affect the
property of a company, the company shall file a notice specifying the
property that has ceased to be affected by the charge in the approved form.
(2) A notice filed under subsection (1) shall be signed by or on behalf of
the chargee.
(3) If he is satisfied that a notice filed under subsection (1) is correctly
completed and has been signed in accordance with subsection (2),
the Registrar shall forthwith
(a) register the notice; and
(b) issue a certificate and send a copy of the certificate to the
company and to the chargee.
(4) The Registrar shall state in the Register of Registered Charges and on
the certificate issued under subsection (3) the date and time on which
the notice filed under subsection (1) was registered.
(5) From the date and time stated in the certificate issued under
subsection (3), the charge is deemed not to be registered in respect of
the property specified in the notice filed under subsection (1).
166. (1) A relevant charge on property of a company that is registered in
accordance with section 163 has priority over
(a) a relevant charge on the property that is subsequently registered
in accordance with section 163; and
(b) a relevant charge on the property that is not registered in
accordance with section 163.
AE/ET/Pub./bg/03.2007