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 3I3 it is sufficient to deliver to the Registrar in England a copy verified in the prescribed manner of the instrument creating or evidencing the charge together with a certificate in the prescribed form stating that the charge was presented for registration in Scotland on the date on which it was so pre- sented. In order to prevent the possibility of misapprehension, it may be added that the provisions of s. 88 of the Act of 1929 as to the keeping by the company itself of a register of charges, in which are to be entered all charges specifically affecting property of the company, and all floating charges on the undertaking or any property of the company, are applicable to companies registered in Scotland as well as to those registered in England. Further, the annual summary which a company must file under ss. 108-110 of the Act of 1929 must include, in the case of companies registered in Scotland as well as those registered in England, a statement of the total amount due by the company in respect of ali mortgages and charges. It may be interesting to note that a question about which considerable doubt existed for some time, namely, the validity of debentures to bearer in Scotland, has been set at rest by s. 106 of the 1908 Act, re-enacted by s. 77 of the Act of 1929, which declares such debentures to be valid and binding according to their terms. The difficulty arose because of the provisions of an old Scottish Act making invalid all deeds issued blank as to the name of the creditor. Bond and debenture stock may also be issued under the Statutory Companies Clauses Acts of 1845 and 1863, which, along with Companies. certain other Acts, regulate the share and loan capital of railway companies and other similar public undertakings (see Chapter XXIII). The bonds contemplated by the first Act are naked debentures, though the word ‘debenture’ does not itself appear, but if a mortgage deed be also granted, the assignment of the company’s undertaking, &c., to the creditor in security of his debt, is declared to have the full effect of an assignation duly completed. This, it will be seen, is an exception to the common rule already mentioned, and its effect is to create a valid statutory security on the property assigned, very much in the nature of a floating charge in England. It must be noted, however, that this is inapplicable to companies operating under the Companies Act, 1929. In the same way debenture stock issued under the Com- panies Clauses Act, 1863, is a statutory charge in the nature of a perpetual annuity upon the undertaking preferable in character to all stocks or shares. and it mav in case of default

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