ix) separate and independent security: the collateral must clearly be an autonomous document that can be applied in its own way without referring to another security document. Contrary to a pledge, the charge is non-proprietary security. It is about creating new property rights over the creditor. The central element of a levy is that the guaranteed assets are held responsible for the repayment of a debt without the ownership or ownership being transferred from the debtor (the “Chargor”) to the creditor (the “cargo”). The debtor retains both ownership and ownership of the assets; the creditor does not receive either. Instead, the creditor receives a new form of own interest, a royalty, through the guaranteed property. In the event of a late payment by the debtor, the terms of the guarantee contract in principle allow the creditor to take over the secured assets, sell it and recover outstanding debts on the proceeds of the sale. Whether the pawnbroker acted in good faith may arise if he retains the shares by which the guarantee was granted to alleviate or reduce the guaranteed debt (in essence, the pledge exercises purchasing power for the benefit of himself). This point was considered in the case of Royal Bank of Scotland plc against Highland Financial Partners LP and others  EWHC 3119 and, in this case, it was found that the bank had breached its duty in good faith. In accordance with the Financial Security Act 43(7)/2004. The elimination of resources is available, provided that the parties have actually entered into a contractual agreement: (i) that it applies and (ii) the method of valuation of assets and commitments. The initial shares that constitute the mortgaged shares; undated empty share transfer instruments, duly executed by the Pledgor; An irrevocable power of attorney and power of attorney concerning the mortgaged shares of the Pledgor; An uns expired resignation letter signed by each of the company`s directors and secretaries; A certified copy of a decision of the company`s board of directors authorizing the collateral of the shares in the share concession agreement and the transfer of the shares; A letter of execution and a letter of commitment from each of the Directors and Secretaries of the Society.
The share sale agreement should impose an obligation on Plegdor to do so without delay after receipt by the company or on its behalf of a notice from the pawnbroker, and to attach a certified copy of that agreement; the company will make a pledge statement on its list of members against the pledges and provide it with a certificate certifying that it was issued in the form of the certificate and will obtain that the provisions of Section 138, paragraph 2 of the Cyprus Contracts Act, CAP 149, concerning the Agreement on Shares are fully complied with. This also provides protection in the effect of the unauthorized or fraudulent execution of empty transfer instruments, since the secretary is aware of the action agreement and should be in possession of those documents. In accordance with Section 138 (1) of Contract Law, Cpl. 149, the guarantee for the validity of a Cyprus promise: b) In addition to the provision of the above documents to the pledge holder, special attention should be paid to the following elements: the assumption of second and/or subsequent undertakings relating to company shares is not a legal practice. Collateral through holdings in a Cypriot company is an effective form of security, which is granted as collateral in commercial transactions and can be applied outside the courts.