193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 29

1555

debts out

claims under

78.--(1) Where, in the case of a company registered Payment in this Colony, either a receiver is appointed on behalf of certain of the holders of any debentures of the company of assets secured by a floating charge, or possession is taken subject to by or on behalf of those debenture holders of any floating property comprised in or subject to the charge, then, charge in if the company is not at the time in course of being priority to wound up, the debts, which in every winding-up are the charge. under the provisions of Part V of this Ordinance 19 & 20 Geo. relating to preferential payments to be paid in priority 5, c. 23, to all other debts, shall be paid out of any assets 3. 78. coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.

(2) The period of time mentioned in the said provi- sions of Part V of this Ordinance shall be reckoned from the date of the appointment of the receiver or of possession being taken as aforesaid, as the case may be.

(3) Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of general credi tors.

PART III.

REGISTRATION OF CHARGES.

Registration of Charges with Registrar of Companies,

60

s. 79,

79.—(1) Subject to the provisions of this Part of Registration this Ordinance, every charge created after the fixed of charges date by a company registered in the Colony and created by being a charge to which this section applies shall, companies far as any security on the company's property or in the

registered undertaking is conferred thereby, be void against the Colony. liquidator and any creditor of the company, unless the 19 & 20 Geo. prescribed particulars of the charge, together with the 5, c. 23, instrument, if any, by which the charge is created or evidenced, are delivered to or received by the registrar of companies for registration in manner required by this Ordinance within five weeks after the date of its creation, but without prejudico to any contract or obligation for repayment of the money thereby secured, and when a charge becomes void under this section the money secured thereby shall immediately become payable.

(2) This section applies to the following charges:— (a) a charge for the purpose of securing any issue

of debentures;

(b) a charge on uncalled share capital of the

company;

(c) a charge created or evidenced by an instru- ment which, if executed by an individual, would require registration as a bill of sale; (d) a charge on land, wherever situate, or any

interest therein;

(e) a charge on book debts of the company; (f) a floating charge on the undertaking or

property of the company;

(g) a charge on calls made but not paid; (h) a charge on a ship or any share in a ship; (i) a charge on goodwill, on a patent or a licence under a patent, on a trademark or on a copyright or a licence under a copyright.

(3) In the case of a charge created out of the Colony (or, in the case of a China company, created outside the district of the British Consulate of Shang- hai) comprising solely property situate outside the

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