(1) The validity period of a notice may be extended
by filing a continuation statement that contains the following particulars:
(a) particulars identifying the initial notice by its file number;
(b) particulars identifying a security holder mentioned in the notice
who authorizes the continuation statement;
(c) particulars indicating that the effectiveness of the notice, with
respect to the security holder who authorized the filing, is to be
continued.
(2) A continuation statement may be filed only within six months
before the expiration of the five-year’s validity period of the notice.
(3) Where a continuation statement is filed within the period
pursuant to Sub-section (2), the notice shall remain valid for a period of five
years commencing from the date on which the notice would have become
ineffective if such statement had not been filed.
(4) If there is more than one security holder mentioned in a notice,
the notice shall remain valid only with respect to the security holder who has
authorized the filing of the continuation statement until the period as referred to
in Sub-section (3).
(5) The validity period of a notice shall lapse with respect to a
security holder unless another continuation statement authorized by that
security holder is filed prior to the expiry of the validity period of the notice
pursuant to Sub-section (3). Succeeding continuation statements shall be filed
in the same manner as a notice is required to be filed to continue the validity
period of the notice.