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22.—(1) In section 43(1) of the 1970 Act (priority of registered charge which is expressed to be created to secure future advances) for the words from “Where a registered” to “present advances)” there shall be substituted:
“Where—
a deed or other instrument creating a registered charge states that the charge is created for the purposes of securing future advances (whether with or without present advances); and
the entry in the title register relating to the charge—
contains a statement similar to that in paragraph (a); or
otherwise refers to the charge without specifying the amount secured”.
(2) Paragraph (1) applies only to charges registered after the commencement of this Article.
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