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 203 effect would apparently be the same if the charge was created by a company registered outside England, but having a place of business in England [s. go]. Charges which only require registration under ss. 81 or 91, or under s. go if the charge subsisted before the property was acquired by the company, would not be void for want of registration, but penalties are imposed for any default in the obligations as to registration [see ss. 80, 81 (2), go and 91 (3)]. The Court may in certain cases extend the time for registration or direct the correction of mistakes (s. 85). 2. The Company's Register—By s. 88 of the Act every limited company must keep a register of chargesat itsregistered office. This register ought to furnish a complete record of all the secured indebtedness of the company, since there are required to be entered therein ‘all charges specifically affecting property of the company and all floating charges on the under- taking or any property of the company, giving in each case a short description of the property charged, the amount of the charge and, except in the case of securities to bearer, the names of the persons entitled thereto.’ In the case of the company’s register, however, the registra- tion of a mortgage or charge is not a condition precedent to its validity [Wright v. Horton (1887), 12 A.C. 371], but the officers of the company are liable to penalties for knowingly authorising the omission of a necessary entry [s. 88 (2)]. Copies of the instruments creating any charge requiring registration at Somerset House must be kept at the registered office of the company, although in the case of a uniform series of debentures, a copy of one debenture will suffice [s. 87]. These copies and the register itself must be open to the inspection of creditors and shareholders gratis, and the register to the inspection of any other person on payment of a fee not exceeding one shilling for each inspection [s. 89 (1)]. The right to inspect includes the right to take copies [Nelson v. Anglo-American Land Co. (1897), 1 Ch. 130]. This decision appears to be based upon the fact that the section contains no provision as to a person being entitled to require copies on payment, and is therefore not in conflict with the decision as to taking copies of the register of members mentioned on p. 99. The company may impose reasonable restrictions as to the time during which inspection will be permitted, but at least two hours a day during business hours must be allowed for inspection. Penalties are imposed for unlawful refusal of inspection and the Court may compel immediate inspection 's. 8g (2). (3) Company’s Register.

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