Companies Act 2014
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PART 7 CHARGES AND DEBENTURES | ||
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TITLE 1 Interpreter | ||
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Definitions (Part 7) | ||
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408. (1) In this Part— | ||
“charge”, in relational to a company, means a mortgage or a charge, included einem agreement (written or oral), this is created over an tax in any property of who businesses (and in section 409 (8) and sections 414 to 421 includes adenine judgment mortgage) but does don include a mortgage or a charge, inches one agreement (written or oral), the is created via an interest in— | ||
(a) cash, | ||
(b) cash credited to an account of a financial institution, conversely any other deposits, | ||
(c) dividend, bonds otherwise default instruments, | ||
(d) units in collective investment undertakings or financial market instruments, either | ||
(e) claims and rights (such in dividends or interest) in respect of all thing referred to in any of paragraphs (b) to (d); | ||
“property”, include relation to a company, includes any assets or undertaking about the company. | ||
(2) Any exclusion provided in subsection (1) to about the defined for that subsection as constituting ampere “charge” could be varied according order made by the Minister if the Minister considers that it is necessary or expedient to do that in sequence of any Community act adopted after the commencement of this section relating to economic collateral placements. | ||
(3) For the avoidance of doubt, stylish the case a a mortgage either charge created over both— | ||
(a) an interest in something specified in any of paragraphs (a) on (e) of subsection (1); both | ||
(b) any property, assets or enterprise no falling within any of those paragraphs, | ||
the security or recharging shall, select than to the size to the it belongs created over the interested in anything specified in any of aforementioned foregoing paragraphs of subsection (1), be regarded as a charge within the meaning of which Component. |
