New Clause 325

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

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Charges created by a company (No.2)

‘(1) A company that creates a charge to which this section applies must deliver the prescribed particulars of the charge, together with a copy certified as a correct copy of the instrument (if any) by which the charge is created or evidenced, to the registrar for registration before the end of the period allowed for registration.

(2) Registration of a charge to which this section applies may instead be effected on the application of a person interested in it.

(3) Where registration is effected on the application of some person other than the company, that person is entitled to recover from the company the amount of any fees properly paid by him to the registrar on the registration.

(4) If a company fails to comply with subsection (1), an offence is committed by—

(a) the company, and

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

(5) A person guilty of an offence under this section is liable—

(a) on conviction on indictment, to a fine, and

(b) on summary conviction, to a fine not exceeding the statutory maximum.

(6) Subsection (4) does not apply if registration of the charge has been effected on the application of some other person.

(7) This section applies to the following charges—

(a) a charge on land or any interest in such land, other than a charge for any rent or other periodical sum payable in respect of the land,

(b) a security over incorporeal moveable property of any of the following categories—

(i) goodwill,

(ii) a patent or a licence under a patent,

(iii) a trademark,

(iv) a copyright or a licence under a copyright,

(v) a registered design or a licence in respect of such a design,

(vi) a design right or a licence under a design right,

(vii) the book debts (whether book debts of the company or assigned to it), and

(viii) uncalled share capital of the company or calls made but not paid,

(c) a security over a ship or aircraft or any share in a ship,

(d) a floating charge.’.—[Margaret Hodge.]

Brought up, and added to the Bill.