Clause 115

Every company shall cause a copy of every instrument creating any charge requiring registration under this Division to be kept at the registered office of the company but in the case of a series of debentures the keeping of a copy of one debenture of the series shall be sufficient for the purposes of this subsection.[U.K.ss. 103-105.][Aust. s. 107.]

Every company shall keep at the registered office of the company a register of charges and enter therein all charges specifically affecting property of the company and all floating charges on the undertaking or any property of the company, giving in each case a short description of the property charged, the amount of the charge and (except in the case of securities to bearer) the names of the persons entitled thereto.

The copies of instruments and the register of charges kept in pursuance of this section shall be open to the inspection of any creditor or member of the company without fee, and the register of charges shall also be open to the inspection of any other person on payment of such fee not exceeding two dollars for each inspection as is fixed by the company.

If default is made in complying with any of the provisions of this section the company and every officer of the company who is in default shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and also to a default penalty.