New Clause 324

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Right to inspect instruments which create charges, etc.

‘(1) The copies of instruments creating any charge requiring registration under this Chapter with the registrar, and the register of charges kept in pursuance of section (Company’s register of charges), 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 2 hours in each day be allowed for inspection) to the inspection of any creditor or member of the company without fee.

(2) The register of charges shall also be open to the inspection of any other person on payment of such fee for each inspection as the company may prescribe.

(3) If inspection of copies, or of the register, is refused an offence is committed by—

(a) the company, and

(b) every officer of the company who is in default.

(4) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine net exceeding one-tenth of level 3 on the standard scale.

(5) If such a refusal occurs, the court may by order compel an immediate inspection of the copies or register.’.—[Margaret Hodge.]

Brought up, and added to the Bill.