All sections · Part IX: Charges Over Company Property
179 Register of charges
This section has been amended. The text above is the 2016 wording; the amending provisions follow.
(1) A company shall keep at its registered office in Seychelles a register of
all relevant charges and pre-existing charges created by the company, to
be known as its register of charges, specifying in respect of each charge
—
(a) if the charge is a charge created by the company, the date of its
creation or, if the charge is a charge existing on property acquired
by the company, the date on which the property was acquired;
(b) a short description of the liability secured by the charge;
(c) a short description of the property charged;
(d) the name and address of the chargee, who may be acting as a
trustee or security agent for other persons;
(e) details of any prohibition or restriction, if any, contained in the
instrument creating the charge on the power of the company to
create any future charge ranking in priority to or equally with the
charge.
(2) The register of charges may be in such form as the directors may approve
but if it is in magnetic, electronic or other data storage form, the company
must be able to produce legible evidence of its contents.
(3) A company that contravenes subsection (1) shall be liable to a penalty fee
of US$100 and an additional penalty fee of US$25 for each day or part
thereof during which the contravention continues.
(4) A director who knowingly permits a contravention under subsection (1)
shall be liable to a penalty fee of US$100 and an additional penalty fee
of US$25 for each day or part thereof during which the contravention
continues.
all relevant charges and pre-existing charges created by the company, to
be known as its register of charges, specifying in respect of each charge
—
(a) if the charge is a charge created by the company, the date of its
creation or, if the charge is a charge existing on property acquired
by the company, the date on which the property was acquired;
(b) a short description of the liability secured by the charge;
(c) a short description of the property charged;
(d) the name and address of the chargee, who may be acting as a
trustee or security agent for other persons;
(e) details of any prohibition or restriction, if any, contained in the
instrument creating the charge on the power of the company to
create any future charge ranking in priority to or equally with the
charge.
(2) The register of charges may be in such form as the directors may approve
but if it is in magnetic, electronic or other data storage form, the company
must be able to produce legible evidence of its contents.
(3) A company that contravenes subsection (1) shall be liable to a penalty fee
of US$100 and an additional penalty fee of US$25 for each day or part
thereof during which the contravention continues.
(4) A director who knowingly permits a contravention under subsection (1)
shall be liable to a penalty fee of US$100 and an additional penalty fee
of US$25 for each day or part thereof during which the contravention
continues.
Amended since 2016
Act 32 of 2021 · 2021-08-02
40. Section 179 of the principal Act is amended —
(i) in subsection (3), by repealing the words “of US$100 and an
additional penalty fee of US$25for each day or part thereof
during which the contravention continues”, and substituting
therefor the words “not exceeding US$5,000”;
(ii) in subsection (4), by repealing the words “of US$100 and an
additional penalty fee of US$25 for each day or part thereof
during which the contravention continues”, and substituting
therefor the words “not exceeding US$5,000”.
(i) in subsection (3), by repealing the words “of US$100 and an
additional penalty fee of US$25for each day or part thereof
during which the contravention continues”, and substituting
therefor the words “not exceeding US$5,000”;
(ii) in subsection (4), by repealing the words “of US$100 and an
additional penalty fee of US$25 for each day or part thereof
during which the contravention continues”, and substituting
therefor the words “not exceeding US$5,000”.
