Paragraph 13

(1)

This paragraph applies to a charge which—

(a)

is created by the Corporation before registration, and

(b)

is of a kind to which section 395 of the Companies Act 1985 applies (charges void if not registered).

(2)

Sections 395 to 409 of that Act shall apply to a charge to which this paragraph applies—

(a)

with the following modifications, and

(b)

without prejudice to any action taken to enforce a charge before registration.

(3)

The reference in section 395(1) to the date of the charge’s creation shall be construed as a reference to the date of registration.

(4)

The Corporation’s duty under section 399(1) in relation to a charge to which this paragraph applies includes a duty to give notice of the effect of this paragraph as soon as practicable after registration to the person entitled to the charge.