Secretarial practice

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIV. Scottish companies

Collection:: Economics Books

SCOTTISH COMPANIES ~ 17 any further than is the case with the holders of ordinary naked debentures. As to (2), debentures secured over moveable or personal Security over property, either by delivery or transfer to the actual lenders Moveable or trustees for their behoof, these are, if shipping property Property. be excepted, of comparatively rare occurrence. Many debentures are, however, effectively charged over ships by mortgage, or by transfer of the vessels themselves, or in some cases, of the shares of the limited companies owning them, to the lenders or trustees on their account. In the former case the mortgage or bill of sale must be recorded on the ship’s register, and in the latter a transfer of the shares must be registered by the company. In such cases the trust deed usually makes provision for the changing of the security according to the exigencies of business, but so that the value will always be maintained. There are other cases of deben- tures in which shares or stocks of ordinary limited companies are impledged in security, but as already indicated, these are of comparatively rare occurrence. As to (3), debentures secured over heritage, the system of Security over land registration in Scotland lends itself very readily to the Heritage. creation of effective securities over land and buildings by mortgage debentures, the registration of the necessary deed in the Register of Sasines, assuming its validity on other grounds, creating a preference in favour of the grantees. This security is usually created by an ex facie absolute con- veyance to trustees for the debenture holders; on registration of which these trustees, subject to the provisions of the separate deed of trust, become vested in the property as if they were absolute owners. Under the deed of trust provision is made for the administration of the trust, the use by the company of the subjects conveyed so long as there is no default, the enforcement of the debenture holders’ rights in case of default, etc., and as a rule the trustees are entitled, though not bound, to satisfy themselves that the security subjects are being duly maintained and kept insured against loss by fire. The deed of trust, as a matter of fact, runs largely on the lines of similar deeds by English companies securing mortgage debentures over property there. (See Chapter XVIII.) It may be worth noticing that certain leases which, in the Long Leases. ordinary case, could not be effectively charged, may be made the subject of a good security. By the Registration § Long Leases Act of 1857 it was made lawful to record in the Register of Sasines any lease of heritage in Scotland for a period of thirty-one vears or upwards, and any assignations

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