(1) In this section, company includes a foreign company that is registered as a foreign company under the Companies Act 1981.
(2) Where, before the commencement of the Companies Act 1981, a company created a relevant charge, or acquired property subject to a relevant charge:
(a) if the charge was, immediately before the commencement of the Companies Act 1981, registered under Division 7 of Part IV of the Companies Ordinance 1962:
(i) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and
(ii) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and the particulars mentioned in subsection 203(2) of that Act; or
(b) if the charge was, immediately before the commencement of the Companies Act 1981, registered under the provisions of a law of a State or of another Territory that corresponded with Division 7 of Part IV of the Companies Ordinance 1962 but was not registered under Division 7 of Part IV of that Ordinance:
(i) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and
(ii) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and such of the particulars mentioned in subsection 203(2) of that Act as it is able to ascertain.
(3) Where all the documents relating to a relevant charge on property of a company that were required by Division 7 of Part IV of the Companies Ordinance 1962 or the provisions of a law of a State or of another Territory that corresponded with that Division to be lodged for registration under that Division or those provisions, as the case may be, were duly lodged not later than 30 days before the date of commencement of the Companies Act 1981 but the charge had not been registered under that Division or those provisions before that date and registration had not been refused:
(a) the charge shall be deemed to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act; and
(b) the Commission shall cause to be entered in the Register of Company Charges kept under subsection 203(1) of the Companies Act 1981, in relation to the charge, the time and date determined in accordance with subsection (6) of this section and the particulars mentioned in subsection 203(2) of that Act.
(4) A charge is a relevant charge for the purposes of subsection (2) or (3) where:
(a) in the case of a charge created by the company—if the charge had been created after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act; or
(b) in the case of a charge on property acquired by the company—if the company had acquired the property after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act.
(5) Where 2 or more charges on the same property of a company are deemed by subsection (2) or (3) to be duly registered under Division 9 of Part IV of the Companies Act 1981 from and including the commencement of that Act, those charges have, as between themselves, the respective priorities that they would have had if this Act had not been enacted.
(6) The time and date to be entered in the Register of Company Charges in relation to a charge pursuant to subsection (2) or (3) is 9.00 a.m. on the date of commencement of the Companies Act 1981.
(7) Nothing in section 205 of the Companies Act 1981 operates to render a charge to which subsection (2) or (3) applies void as a security on property of the company as against a liquidator or official manager of the company.
(8) Where:
(a) before the commencement of the Companies Act 1981 a company created a charge or acquired property subject to a charge, being in either case a charge that was required to be registered under Division 7 of Part IV of the Companies Ordinance 1962;
(b) at the commencement of the Companies Act 1981:
(i) the charge had not been registered under Division 7 of Part IV of the Companies Ordinance 1962;
(ii) the charge had not become void under subsection 100(1) of the Companies Ordinance 1962; and
(iii) the property was still subject to the charge;
(c) if the charge had been created, or the property had been acquired, after the commencement of the Companies Act 1981, the charge would have been required to be registered under Division 9 of Part IV of that Act; and
(d) subsection (3) does not apply in relation to the charge;
Division 9 of Part IV of, and Schedule 5 to, the Companies Act 1981 apply as if the company had created the charge, or had acquired the property, as the case may be, at the commencement of that Act, but, where 2 or more charges on the same property of a company, being charges to which this subsection applies, are registered under Division 9 of Part IV of that Act then, notwithstanding the provisions of Schedule 5 to that Act, those charges have, as between themselves, the respective priorities that they would have had if they had not been registered under that Division.
(9) Notwithstanding the repeals effected by section 4 of the Companies Act 1981, the provisions of Division 7 of Part IV of the Companies Ordinance 1962 as amended and in force immediately before the commencement of this Act continue in force as if that Ordinance had not been repealed in relation to:
(a) any charge created by a company before the commencement of the Companies Act 1981; or
(b) any charge to which property acquired by a company before the commencement of the Companies Act 1981 was subject when the property was so acquired;
where:
(c) the charge was required to be registered under Division 7 of Part IV of the Companies Ordinance 1962; and
(d) if the charge had been created by the company, or the property subject to the charge had been acquired by the company, after the commencement of the Companies Act 1981, the charge would not have been required to be registered under Division 9 of Part IV of that Act.
(10) Where a charge referred to in paragraph (8)(a) had, before the commencement of the Companies Act 1981, become void under subsection 100(1) of the Companies Ordinance 1962 and the Court, being satisfied that it is just and equitable to do so, makes an order that subsection (8) is to apply in relation to that charge:
(a) subsection (8) has effect as if the charge had not become void; and
(b) subsection 100(1) of the Companies Ordinance 1962 shall be deemed not to have rendered the charge void in any respect.