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Home Bare Acts Phrase: floating chargeBanking Regulation Act, 1949 Section 14A
Title: Prohibition of Floating Charge on Assets
State: Central
Year: 1949
1 [14A. Prohibition of floating charge onassets (1) Notwithstanding anythingcontained in section 6, no banking company shall create a floating charge onthe undertaking or any property of the company or any part thereof, unless thecreation of such floating charge is certified in writing by the Reserve Bank asnot being detrimental to the interests of the depositors of such company. (2) Any such charge created without obtainingthe certificate of the Reserve Bank shall be invalid. (3) Any banking companyaggrieved by the refusal of a certificate under subsection (1) may, withinninety days from the date on which such refusal is communicated to it, appealto the Central Government. (4)The decision of theCentral Government where an appeal has been preferred to it under sub-section(3) or of the Reserve Bank where no such appeal has been preferred shall befinal.] ___________________ 1. Inserted by Act 33 of 1959, Section 9w.e.f. 1-10-1959.
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949, (Maharashtra) Section 14A
Title: Prohibition of Floating Charge on Assets
State: Maharashtra
Year: 1949
1[(1) Notwithstanding anything contained in section 6, no banking company shall create a floating charge on the undertaking or any property of the company or any part thereof, unless the creation of such floating charge is certified in writing by the Reserve Bank as riot being detrimental to the interests of the depositors of such comapny. (2) Any such charge created without obtaining the certificate of the Reserve Bank shall be invalid. (3) Any banking company aggrieved by the refusal of a certificate under sub-section (1) may, within ninety days from the date on which such refusal is communicated to it, appeal to the Central Government. (4) The decision of the Central Government where an appeal has been perferred to it under sub-section (3) or of the Reserve Bank where no such appeal has been preferred shall be final.] ________________________ 1. inserted by Act 33 of l959 section 9 (w.e.f. 1.10.1959).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 534
Title: Effect of Floating Charge
State: Central
Year: 1956
Where a company is being wound up, a floating charge on the undertaking or property of the company created within the twelve months immediately preceding the commencement of the winding up, shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except to the amount of any cash paid to the company at the time of, or subsequently to the creation of, and in consideration for, the charge, together with interest on that amount at the rate of five per cent, per annum or such other rate as may for the time being be notified by the Central Government in this behalf in the Official Gazette: Provided that in relation to a charge created more than three months before the commencement of this Act, this section shall have effect with the substitution, for references to twelve months of references to three months.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 123
Title: Payments of Certain Debts out of Assets Subject to Floating Charge in Priority to Claims Under the Charge
State: Central
Year: 1956
.....becoming payable on the termination of employment before or by the effect of the appointment of the receiver or possession being taken as aforesaid. (3) The periods of time mentioned in the said provisions of Part VII shall be reckoned from the date of appointment of the receiver or of possession being taken as aforesaid, as the case may be. (4) Where the date referred to in sub-section (3) occurred before the commencement of this Act, sub-sections (1) and (3) shall have effect with the substitution, for reference to the said provisions of Part VII, of references to the provisions which, by virtue of sub-section (9) of section 530, are deemed to remain in force in the case therein mentioned, and sub-section (2) shall not apply. (5) Any payments made under this section shall be recouped, as far as may be, out of the assets of the company available for payment of general creditors.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 332
Title: Effect of Floating Charge
State: Central
Year: 2013
Where a company is being wound up, a floating charge on the undertaking or property of the company created within the twelve months immediately preceding the commencement of the winding up, shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except for the amount of any cash paid to the company at the time of, or subsequent to the creation of, and in consideration for, the charge, together with interest on that amount at the rate of five per cent. per annum or such other rate as may be notified by the Central Government in this behalf.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Part 5
Title: Registration of Charges
State: Central
Year: 1956
.....shall, within1[thirty] days from the date of the passing of the order or of the making of the appointment under the said powers, give notice of the fact to the Registrar; and the Registrar shall, on payment of the prescribed fee, enter, the fact in the Register of charges. (2) Where any person so appointed under the powers contained in any instrument ceases to act as such, he shall, on so deceasing, give to the Registrar notice to that effect; and the Registrar shall enter the notice in the Register of charges. (3) If any person makes default in complying with the requirements of sub-section (1) or (2), he shall be punishable with fine which may extend to2[five hundred rupees] for every day during which the default continues. ________________________ 1. Substituted by Act 31 of 1965, Section 62 and Schedule, for "fifteen" (w.e.f. 15-10-1965). 2. Substituted by Act 53 of 2000, Section 52, for "fifty rupees" (w.e.f. 13-12-2000). Section 138 - Company to report satisfaction and procedure thereafter (1) The company shall give intimation to the Registrar of the payment or satisfaction,1[in full], of any charge relating to the company and requiring registration under.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 125
Title: Certain Charges to Be Void Against Liquidator or Creditors Unless Registered
State: Central
Year: 1956
.....to the law of the country in which the property is situate. (7) Where a negotiable instrument has been given to secure the payment of any book debts of a company, the deposit of the instrument for the purpose of securing an advance to the company shall not, for the purposes of this section, be treated as a charge on those book debts. (8) The holding of debentures entitling the holder to a charge on immovable property shall not, for the purposes of this section, be deemed to be an interest in immovable property. ________________________ 1. Substituted by Act 31 of 1965, Section 62 and Schedule, for "twenty-one" (w.e.f. 15-10-1965). 2. Proviso Inserted by Act 65 of 1960, Section 29 and Substituted by Act 31 of 1988, Section 18 (w.e.f. 15-6-1988).
View Complete Act List Judgments citing this sectionCOMPANIES ACT, 2013, Section 85
Title: Company's register of charges
State: Central
Year: 2013
(1) Every company shall keep at its registered office a register of charges in such form and in such manner as may be prescribed, which shall include therein all charges and floating charges affecting any property or assets of the company or any of its undertakings, indicating in each case such particulars as may be prescribed: Provided that a copy of the instrument creating the charge shall also be kept at the registered office of the company along with the register of charges. (2) The register of charges and instrument of charges, kept under sub-section (1) shall be open for inspection during business hours-- (a) by any member or creditor without any payment of fees; or (b) by any other person on payment of such fees as may be prescribed, subject to such reasonable restrictions as the company may, by its articles, impose.
View Complete Act List Judgments citing this sectionCOMPANIES ACT, 1956 Section 143
Title: Company's register of charges
State: Central
Year: 1956
(1) Every company shall keep at its registered office a register of charges and enter therein all charges specifically affecting property of the company and all floating charges on the undertaking or on any property of the company, giving in each case- (i) a short description of the property charged; (ii) the amount of the charge; and (iii) except in the case of securities to bearer, the names of the persons entitled to the charge. (2) If any officer of the company knowingly omits, or wilfully authorises or permits the omission of, any entry required to be made in pursuance of sub-section (1), he shall be punishable with fine which may extend to1[five hundred rupees]. ________________________ 1. Substituted by Act 53 of 2000, Section 54, for "five hundred rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionKarnataka Co-operative Societies Act, 1959 Section 80
Title: Charge of Debenture Holders on Certain Properties
State: Karnataka
Year: 1959
The holders of the debentures shall have a floating charge on,-- (a) all such mortgages and assets as are referred to in clause (a) of subsection (3) of section 79; (b) the amount paid under such mortgages and remaining in the handsof the Board or of the Trustee; and (c) the other properties of the1[State Agriculture and Rural Development Bank]. _______________________________ 1. Substituted by Act 5 of 1984 w.e.f. 9.1.1984.
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