CA Inter Company Law Chapter 6 Registration of Charges Handwritten Notes PDF

CA Inter G1, CA Intermediate, Chapter 6: Registration of Charges, P2: Corporate and Other Laws, Part I: Company Law Leave a comment

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We are Sharing With You CA Inter Company Law Chapter 6 Registration of Charges Handwritten Notes. So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your Upcoming Exams.

CA STUDY NOTES

WHAT IS A CHARGE
A charge is a right created by any person including a company
referred to as “the borrower” on its assets and properties, present and
future, in favour of a financial institution or a bank, referred to as
“the lender”, which has agreed to extend financial assistance.
Section 2(16) of the Companies Act, 2014 defines charges so as
to mean an interest or lien created on the property or assets of a
company or any of its undertakings or both as security and includes
a mortgage.


The following are the essential features of the charge which are
as under:

  1. There should be two parties to the transaction, the creator of
    the charge and the charge holder.
  2. The subject-matter of charge, which may be current or future
    assets and other properties of the borrower.
  3. The intention of the borrower to offer one or more of its specific
    assets or properties as security for repayment of the borrowed
    money together with payment of interest at the agreed rate
    should be manifested by an agreement entered into by him
    in favour of the lender, written or otherwise.
    A charge may be fixed or floating depending upon its nature.
    “Charge” as defined in Transfer of Property Act, 1882
    According to Section 100 of the Transfer of Property Act, 1882,
    where an immovable property of one person is by act of parties or
    operation of law made security for the payment of money to another
    and the transaction does not amount to a mortgage, the latter person
    is said to have a charge on the property, and all the provisions which
    apply to a simple mortgage shall, so far as may be, apply to such
    charge.
    REGISTRATION OF CHARGES

A charge created by a company is required to be registered with the Registrar within thirty days of its creation in such form and on payment of such fees as may be prescribed.

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