SECTION 52

Registration shall be in the Trade and Personal Property Rights Register respecting the following rules: - the competent Trade and Personal Property Rights Registry to register transferable securities shall be that of the area of jurisdiction where the settler of the security is registered or if he is not be bound to be registered, that of his head office or residence; - the competent Trade and Personal Property Rights Registry to register pledges of debt or the transfer of a financial claim as a security shall be that of the area of jurisdiction where the debtor is registered or if he is not bound to register,that of his head office or residence; - the competent Trade and Personal Property Rights Registry to register pledges of partnership rights and the personal securities of a trading company or a corporate person subject to registration shall bethat ofthe area of jurisdiction wherethe said company or corporate person is registered; - the competent Trade and Personal Property Rights Registry to register the pledge of business property and the privileges of the vendor of business property shall be that of the area of jurisdiction where the natural person or legal person owning the business is registered; - the competent Trade and Personal Property Rights Registry to register the general privileges of the Treasury, Customs and Excise and of Social Security Institutions shall be that of the area of jurisdiction where tax payer concerned is registered, or if he is not subject to registration, that in whose area of jurisdiction he has his head office or residence. These same rules shall apply to the registration of securities concerning the small scale entrepreneur.