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)

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

(b)

the entry in the title register relating to the charge—

(i)

contains a statement similar to that in paragraph (a); or

(ii)

otherwise refers to the charge without specifying the amount secured” .