Friday, September 7, 2018

Name the mortgages and charges required to be registered compulsorily with the Registrar of Joint Stock Companies. What is the effect of non-registration of such mortgages and charges?

The mortgages and charges those are required to be registered compulsorily with the Registrar of Joint Stock Companies:

a) a mortgage or charge for the purpose of securing any issue of debentures; or
b) a mortgage or charge on uncalled share capital of the company, or
c) a mortgage or charge on any immovable property wherever situated or any interest therein, or
d) a mortgage or charge on any book debts or the company, or
e) a mortgage or charge, not being a pledge on any moveable property of the company except stock-in- trade.
 
Due to non-registration of above mentioned mortgages and charges to be considered void and when a mortgage or charge becomes void, the money secured thereby shall immediately become payable.

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