Get code that works on excel version 2007 to work on version 2010

Hello Forum,
The code below works perfectly well for Excel 2007, however, it works only half way for excel 2010. I only use excel 2010 and it would be wonderful if this code can work this version.
This is what the code executes when it's run: if BOOK1.xlsm is already being used by another user on the network then the code will open BOOK1.xlsm as readonly, if no one is using it then the code will open BOOK1.xlsm as read-write.

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Any help on this issue would be greatly appreciated.

Thanks in advance.

On which line does the error occur, and what is the error message?

Good point! i forgot to pinpoint the issue LOL!
The code works well when i open it as readwrite; it automatically gets rid of the readonly prompt message and enters the passcode. However, when the code tries to open it as readonly, it gets rid of the readonly prompt message but still prompts for a passcode (see red font below)

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