138. Company to keep copies of charging instruments and register of charges Flashcards
1
Q
- Company to keep copies of charging instruments and register of charges
A
General overview
[138.01] The company is obliged to keep at its registered office the instrument creating the charge for as long as the charge to which the instrument relates remains in force.
2
Q
Record retention
A
[138.02] Act No 36 of 2014 adopted the suggestion in the Report of the Steering Committee for Review of the Companies Act, April 2011, paras 33–35 to lengthen the period of record retention to five years from the end of the financial year in which the charge has been fully discharged. On the other hand, so long as the charge remains unsatisfied, the company has to keep records of that charge at its registered office.
