466 Alteration of floating charges
Companies Act 1985 (1985 c 6) | Legislation

466  Alteration of floating charges

(1)ÌýÌýÌýÌý The instrument creating a floating charge under section 462 or any ancillary document may be altered by the execution of an instrument of alteration by the company, the holder of the charge and the holder of any other charge (including a fixed security) which would be adversely affected by the alteration.

(2)ÌýÌýÌýÌý [Without prejudice to any enactment or rule of law regarding the execution of documents,] such an instrument of alteration is validly executed if it is executed—

(a)ÌýÌýÌýÌý .Ìý.Ìý.

(b)ÌýÌýÌýÌý where trustees for debenture-holders are acting under and in accordance with a trust deed, by those trustees; [or]

(c)ÌýÌýÌýÌý where, in the case of a series of secured debentures, no such trustees are acting, by or on behalf of—

(i)ÌýÌýÌýÌý a majority in nominal value of those present or represented by proxy and voting at a meeting of debenture-holders at which the holders of at least one-third in nominal value of the outstanding debentures of the series are present or so represented; or

(ii)ÌýÌýÌýÌý where no such meeting is held, the holders of at least one-half in nominal value of the outstanding

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