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