604

SECRETARIAL PRACTICE
Pry 2 78.—(1) Where, in the case of a company registered in England,
ar either a receiver is appointed on behalf of the holders of any deben-
2 Soaring tures of the company secured by a floating charge, or possession is
prionity to taken by or on behalf of those debenture holders of any property
Salm uiller comprised in or subject to the charge, then, if the company is not
ge at the time in course of being wound up, the debts which in every
winding-up are under the provisions of Part V of this Act relating
to preferential payments to be paid in priority to all other debts,
shall be paid out of any assets coming to the hands of the receiver
or other person taking possession as aforesaid in priority to any
claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of
Part V of this Act shall be reckoned from the date of the appoint-
ment of the receiver or of possession being taken as aforesaid, as
the case may be.
(3) Any payments made under this section shall be recouped
as far as may be out of the assets of the company available for
payment of general creditors.

Part III,
REGISTRATION OF CHARGES,

Registration of
charges created
by companies
registered in
England.

Registyation of Charges with Registrav of Companies.
79.—(1) Subject to the provisions of this Part of this Act, every
charge created after the fixed date by a company registered in
England and being a charge to which this section applies shall, so
far as any security on the company’s property or undertaking is
conferred thereby, be void against the liquidator and any creditor
of the company, unless the prescribed particulars of the charge,
together with the instrument, if any, by which the charge is created
or evidenced, are delivered to or received by the registrar of com-
panies for registration in manner required by this Act within twenty-
one days after the date of its creation, but without prejudice to
any contract or obligation for repayment of the money thereby
secured, and when a charge becomes void under this section the
money secured thereby shall immediately become payable.
(2) This section applies to the following charges:—
(a) a charge for the purpose of securing any issue of debentures;
(b) a charge on uncalled share capital of the company;
(¢) a charge created or evidenced by an instrument which, if
executed by an individual, would require registration as
a bill of sale;
(d) a charge on land, wherever situate, or any interest therein;
(¢) a charge on book debts of the company;
(f) a floating charge on the undertaking or property of the
company;