Limitation
of time for issue of cer- tificates.
8 Edw. 7 c. 69 s. 92.
Registration
38
(4) The payment shall be made only for such period as may be determined by the court; und such period shall in no case extend beyoud the close of the half year next after the half year during which the works or buildings have heeu actually completed or the plaut provided:
(5) The rate of interest shall in no case exceed six per cent, per annum or such lower rate as may for the time being be prescribed by the
court:
(6) The payment of the interest shall not operate as a reduction of the amount paid up on ile shares in respect of which it is paid:
(7) The accounts of the ecmpany shall show the share capital on which, and the rate at which, interest has becu paid out of capital during the period to which the accounts relate.
Certificates of Shures, Jr.
94(1) Every company shall, within two months after the allotment of any of its stares, debentures, or debenture stock, and within two months after the registration of the transfer of any such shares, debentures, or debenture stock, complete and inve ready for delivery the certificates of all shares, debentures, and the certificates of all debenture stock allotted or transferred, unless the conditions of issue of the shures, debentures, er debenture stock other- wise provide.
(2) If default is male in complying with the require- ments of this section, the company, and every director, manager, secretary, and other officer of the cougang who is knowingly a party to the default, shall be liable to a line not exceeding fifty dollars for every day during which the default continues.
Information as to Mortgages, Charges, &c.
95.—(1) Every mortgage or charge created after the
of mortgages date of the coming into operation of this Ordinace by a
and charges company registered in the Colony and being either-----
in Colony,
Zb. s. 93.
(a) a mortgage or charge for the purpose of securing
any issue of debentures; or
(b) a merigage or charge on uncalled share capital
of the company; or
(r) a mortgage or ebarge created or evidenced by
an instrument which, it executed by an imlivi- dual, would require registration as a bill of sale For
(d) a mortgage or charge on any land, wherever
situate, or any interest therein; or
(e) a mortgage or charge on any book debts of the
company; or
() a floating charge on the undertaking or property
of the company,
shall, so far as any security on the company's property or undertaking is thereby conferred, he void against the liquidator and any creditor of the company, unless the prescribed particulars of the mortgage or charge, together with the instrument (if any) by which the mortgage or charge is created or evidenced, are delivered to or receivel by the registrar of companies for registration in manner required by this Ordinance within five weeks
after
the date of its creation but without prejudice to any contract or obligation for repayment of the money thereby secured, and when a mortgage or charge becomes voll mader this sertion the money secured thereby shall im- mediately become payable:
Provided that--
(7) In the case of a mortgage or charge created out of the Colony comprising solely property situate outside the Colony, the delivery to and the receipt by the registrar of a copy of the in- strument by which the mortgage or charge is
89
created or evidenced, verified in the prescribend manner, shall have the same effect for the purposes of this section as the delivery and receipt of the instrument itself, mud five weeks after the date on which the instrument or copy could, in due course of post, and if despatched with due diligence, have been received" in the Colony, shall be substituted for five weeks after the date of the creation of the mortgage or charge, as the time within which the particulars. and instrument or copy are to be delivered to the registrar; and
(77) where the mortgage or charge is created in the Colony but comprises property outside the Colony, the instrument creating or purport- ing to create the mortgage or elarge may be sent for registration, notwithstanding that further proceedings may be necessary to make the mortgage or charge valid or effectual according to the law of the country in which the property is situate; and
(i) where a negotiable instrument has been given to secure the payment of any book debts of a company, the deposit of the instrument for the purpose of securing an advance to the company shall not for the purposes of this section he treated as a mortgage or charge on those book debts; and
(e) the holding of debentures entilling the holder to a charge on land shall not be deemed to be an interest in land.
(2) The registrar shall keep, with respect to each com- pany, a register in the prescribed form of all the mortgages and charges created by the company after the date of the eoming into operation of this Ordinance, and requiring registration under this section, and shall, on payment of the prescribed fee, enter in the register, with respect to every such mortgage or charge, the date of creation, the amount secured by it, short particulats of the property mortgaged or charged, and the names of the mortgagees or persons entitled to the charge.
(3) Where a series of debentures containing, or giving by reference to any other instrument, any charge to the benefit of which the debenture holders of that series are entitled pari possu is created by a company, it shall be sufficient if there are delivered to or received by the regis trar within five weeks after the execution of the dred containing the charge or, if there is no such deed, after the execution of any debentures of the series, the following particulars :---
(a) the total amount secured by the whole series; and (6) the dates of the resolutions authorising the issue of the series and the date of the covering deed, if any, by which the security is created or defined; and
(e) a general description of the property charged;
and
(d) the names of the trustees, if any, for the deben-
ture holders;
together with the deed containing the charge, or, if there is no such deed, one of the debentures of the series, and the registrar shall, on payment of the prescribed fee, enter those particulars in the register:
Provided that, where more than one issue is made of de- bentures in the series, there shall be sent to the registrar for entry in the register particulars of the date and amount of each issue, but an omission to do this shall not affet the validity of the debentures issued.
(4) Where any commission, allowance, or discount has been paid or made, either directly or indirectly, by the company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any debentures of the company, or procuring or agree- ing to procure subscriptions, whether absolute or conditional, for any such debentures, the particnlers required to be sent for registration under this section shall include particulars
MA
430
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