193437-1932-Supplementary-Draft-Bill--Companies — Page 33

Registration

of enforce- ment of

security.

1044

is not of a nature to prejudice the position of creditors or shareholders of the company, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any person interested, and on such terms and conditions as seem to the court just and expedient, order that the time for registration shall be extended, or, as the case may be, that the omission or misstatement shall be rectified.

86.—(1) If any person obtains an order for the appointinent of a receiver or manager of the property of a company, or appoints such a receiver or manager 19 & 20 Geo. under any powers contained in any instrument, he 5, c. 23, shall, within seven days from the date of the order s. 86.

or of the appointment under the said powers, give notice of the fact to the registrar of companies, and the registrar shall, on payment of the prescribed fee, enter the fact in the register of charges.

Copies of instruments creating charges to be kept by

company.

19 & 20 Geo.

5, c. 23,

s. 87.

Company's register of charges.

19 & 20 Geo. 5, c. 23,

s. 88.

Right to inspect copies of instruments creating mortgages and charges

and com- pany's register of charges, 19 & 20 Geo. 5, c. 23,

s. 89.

(2) Where any person appointed receiver or manager of the property of a company under the powers con- tained in any instrument ceases to act as such receiver or manager, he shall, on so ceasing, give the registrar of companies notice to that effect, and the registrar shall enter the notice in the register of charges.

(3) If any person makes default in complying with the requirements of this section, he shall be liable to a fine not exceeding fifty dollars for every day luring which the default continues.

Provisions as to Company's Register of Charges and as to Copies of Instruments creating Charges. 87. Every company shall cause a copy of every instrument creating any charge requiring registration under this Part of this Ordinance to be kept at the registered office of the company:

Provided that, in the case of a series of uniform lebentures, a copy of one debenture of the series shall be sufficient.

88.-(1) Every limited company shall keep at the registered office of the company a register of charges and enter therein all charges specifically affecting pro- perty of the company and all floating charges on the undertaking 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.

(2) If any director, manager, or other officer of the company knowingly and wilfully authorises or permits the omission of any entry required to be made in pursuance of this section, he shall be liable to a fine not exceeding five hundred dollars.

89.-(1) The copies of instruments creating any charge requiring registration under this Part of this Ordinance with the registrar of companies, and the register of charges, kept in pursuance of the last foregoing section, shall be open during business hours (but subject to such reasonable restrictions as the company in general meeting may impose, so that not less than two hours in each day shall be allowed for inspection) to the inspection of any creditor or mem ber of the company without fee, and the register of charges shall also be open to the inspection of any other person on payment of such fee, not exceeding one dollar for each inspection, as the company may prescribe.

(2) If inspection of the said copies or register is refused, any officer of the company refusing inspection, and every director and manager of the company authorising or knowingly and wilfully permitting the