ADVOKS GLOBAL · KENYA
Companies Act
880. Lodgement for registration of charge in series of debentures
Edition: 2024-12-27 · In force
880. Lodgement for registration of charge in series of debentures
(1)If a series of debentures containing, or given by reference to another document, any charge to the benefit of which the debenture holders of that series are entitled equally among themselves is created by a company, section 878(1) with if—(a)the required particulars; and(b)the deed containing the charge or, if there is no such deed, one of the debentures of the series, are lodged with the Registrar before the deadline for registration.(2)The required particulars referred to under subsection (1)(a) are—(a)the total amount secured by the whole series;(b)the dates of the resolutions authorising the issue of the series and the date of the covering deed (if any) by which the series is created or defined;(c)a general description of the property charged; and(d)the names of the trustees (if any) for the debenture holders.(3)The company shall lodge with the Registrar for recording in the relevant register of charges particulars of the date and amount of each issue of debentures of a series of the kind referred to in subsection (1).(4)Failure to comply with subsection (3) does not affect the validity of the debentures issued.(5)Section 878(2) to (10) applies to a series of debentures as if the series were a charge.