1. The modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 referred to in article 5(2) are as follows.
2. References to a company include a reference to a building society.
3. Section 38 (creation of floating charges) has effect as if for subsections (3) and (3A) there were substituted -
"(3) A floating charge is created only when the document granting the floating charge is executed by the building society granting the charge.".
4. Section 39 (advance notice of floating charges) does not apply to building societies.
5. Section 41 (ranking clauses) has effect as if subsection (5) were omitted.
6. Section 42 (assignation of floating charges) has effect as if -
(a) in subsection (1) the words "the registration in the Register of Floating Charges of" were omitted; and
(b) subsection (4) were omitted.
7. Section 43 (alteration of floating charges) has effect as if subsections (3)(b) and (4A) were omitted.
8. Section 44 (discharge of floating charg
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