Optional register of mortgages and charges

(1) A company incorporated under this Act may create a mortgage, charge or other encumbrances over any of its assets situate in any part of the world in accordance with the law of any jurisdiction of the company’s choice, and the mortgage, charge or other encumbrances shall be binding on the company to the extent, and in accordance with, the requirements of the chosen law. (2) A company incorporated under this Act may maintain at its registered office a register of mortgages, charges and other encumbrances in which there shall be entered particulars regarding each mortgage, charge and other encumbrances as follows– (a) the sum secured; (b) the assets secured; (c) the name and address of the mortgagee, chargee or other encumbrancer; (d) the date of creation of the mortgage, charge and other encumbrance; and International Business Companies[CAP. 270 71 (e) the date on which the particulars specified in paragraphs (a) to (d), in respect of the mortgage, charge or other encumbrances, are entered in the (3) In the event that an application is made to a court in Belize to enforce any mortgage, charge or other encumbrance created by a company incorporated under this Act and there are assets of the company which are subject to two or more or encumbrances, then, notwithstanding the provisions of any other law, priorities shall be determined in accordance with the dates of entry in the register of mortgages and charges, and, unregistered mortgages, charges and other encumbrances created after the date of commencement of this section shall rank after registered mortgages, charges and other encumbrances, but unregistered mortgages, charges and other encumbrances created prior to the date of commencement of this section shall have priority over mortgages, charges and other encumbrances registered pursuant to this provision and shall rank in order of their creation.