THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

PART 2K.2 - REGISTRATION

SECTION 264   ACQUISITION OF PROPERTY SUBJECT TO CHARGE  

264(1)  [Notice by company acquiring property]  

Where a company acquires property that is subject to a charge, being a charge that would have been registrable when it was created if it had been created by a company, the company shall, within 45 days after the acquisition of the property:

(a)  ensure that there is lodged:

(i) a notice in the prescribed form in relation to the charge, setting out the name of the company and the date on which the property was so acquired and otherwise complying with the requirements of paragraph 263(1)(a);

(ii) if the charge was created or evidenced as mentioned in paragraph 263(1)(a) - a copy of the resolution or of each of the resolutions referred to in that paragraph verified by a statement in writing to be a true copy and a copy of the first debenture issued in the series referred to in that paragraph verified by a statement in writing to be a true copy; and

(iii) if the charge was created or evidenced by an instrument or instruments (otherwise than as mentioned in paragraph 263(1)(b)):

(A) the instrument or each of the instruments; or

(B) a copy of the instrument or of each of the instruments verified by a statement in writing to be a true copy; and

(b)  give to the chargee notice that it has acquired the property and the date on which it was so acquired.

264(2)  [Notice to be accompanied by specified documents]  

A notice in relation to a charge, being a charge in relation to which subparagraph (1)(a)(ii) or (iii) applies, shall not be taken to have been lodged under subsection (1) unless it is accompanied by the documents specified in that subparagraph.