Section 93D: Continuance of charge and priority

93D. Continuance of charge and priority.-- Where a charge over any property has been or is created by any person in favour of a banking company to secure any interest-based facility extended by the banking company to such person and such facility is at any time converted into or substituted by any facility not based on interest, such charge shall continue to remain valid and shall maintain its priority in favour of the banking company against all charges created by such person in favour of any other person subsequent to the original date of registration of such charge. Explanation:-- For the purposes of section 93A, 93B, 93C and 93D, "banking company" shall have the same meaning as in the Banking Tribunals Ordinance, 1984.]

Effective date: 1962-06-07

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