THE CORPORATIONS LAW

CHAPTER 2K - CHARGES

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PART 2K.2 - REGISTRATION

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SECTION 271   COMPANY TO KEEP DOCUMENTS RELATING TO CHARGES AND REGISTER OF CHARGES  

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271(1)  [Company to keep copies]  
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A company shall keep, at the place where the register referred to in subsection (2) is kept, a copy of every document relating to a charge on property of the company that is lodged under this Part or was lodged with a person under a corresponding previous law, and a copy of every document given to the company under this Part or a corresponding previous law.

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271(2)  [Company to keep register of charges]  

A company shall keep a register and shall, upon the creation of a charge (whether registrable or not) on property of the company, or upon the acquisition of property subject to a charge (whether registrable or not), as soon as practicable enter in the register particulars of the charge, giving in each case:

(a)  if the charge is a charge created by the company, the date of its creation or, if the charge was a charge existing on property acquired by the company, the date on which the property was so acquired;

(b)  a short description of the liability (whether present or prospective) secured by the charge;

(c)  a short description of the property charged;

(d)  the name of the trustee for debenture holders or, if there is no such trustee, the name of the chargee; and

(e)  the name of the person whom the company believes to be the holder of the charge.

271(3)  [Inspection of register of charges]  

A register kept by a company pursuant to subsection (2) shall be open for inspection:

(a)  by any creditor or member of the company - without charge; and

(b)  by any other person - on payment for each inspection of such amount, not exceeding the prescribed amount, as the company requires or, where the company does not require the payment of an amount, without charge.

271(4)  [Copies]  

A person may request a company to furnish the person with a copy of the register or any part of the register and, where such a request is made, the company shall send the copy to that person:

(a)  if the company requires payment of an amount not exceeding the prescribed amount - within 21 days after payment of the amount is received by the company or within such longer period as the Commission approves; or

(b)  in a case to which paragraph (a) does not apply - within 21 days after the request is made or within such longer period as the Commission approves.

271(5)  [Offence]  

If default is made in complying with any provision of this section, the company and any officer of the company who is in default are each guilty of an offence.

 

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