Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. Mortgages, debentures and receivers

Collection:: Economics Books

MORTGAGES, DEBENTURES AND RECEIVERS 19g stock are for practical purposes the same as those of debentures, and the holders of the stock occupy a position very similar to that of the holders of debentures. As to the rights of a deben- ture stockholder to enforce the security, see above p. 196. The term ‘debenture’ when used in the act ‘includes debenture stock, bonds and any other securities of the com- pany, whether constituting a charge on the assets of the company or not.’ Provisional scrip to bearer is often issued to applicants for Serip, debentures and debenture stock before the instalments are finally paid up, and the debenture itself or the stock certificates issued. The scrip is a negotiable instrument, with the con- sequence that any person taking it in good faith and for value obtains a title to it, independent of the title of the person from whom he takes it [Goodwin v. Robarts (1876), 1 A.C. 476]. Transfer may be made by delivery. The stamp duty on scrip to bearer is 2d. Debentures giving a charge on the company’s property need not be registered under the Bills of Sale Acts, 1878 and (882 [Standard Manufacturing Co. (1891), 1 Ch. 627]; nor need trust deeds be registered under those Acts [Richards v. Kidderminster Overseers (1896), 2 Ch. 212]. There is, however, an elaborate system of registration of charges (which expression includes mortgages) prescribed by the Act, with which companies must comply. The object of the system is the protection of creditors and persons dealing with the company by compelling publicity of secured loans. The existing system is a double system, for not only must charges be registered with the Registrar, but the company must also itself keep a register of charges. It is unnecessary here to give in detail the relevant provisions of the Act, but the more important features of each of the two branches ¢ registration are summarised. i. The Somerset House Register —This register must contain the following: ‘A) As regards companies registered in England, fi) The statutory particulars of charges registered under 5. 14 of the Companies Act, 1900, on or after January 1st, 1gor. These will include charges of the classes (a). 'b), (c), and (f) set out in (iii), but not (2), (e), (g). (£), and (3)). A statement of the total amount of all the other secured indebtedness of the company as at July 1st, 1908, in respect of mortgages and charges of the first six classes set out in (iii). Registration. Somerset House Register.

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