169 Duty of company to register charges existing on property acquired

Duty of company to register charges existing on property acquired

It is a duty of a company to register charges existing on property acquired.

Section 110(1) of the Act applies where a company whether local or foreign has acquired any property which is subject to a charge, the company must make a statement with full prescribed particulars and lodge it with the Registrar for registration within thirty days after the date on which the acquisition is completed or the date of the registration of the company in Malaysia (in the case of a foreign company).

If default is made in complying with this section, the company or the foreign company and every officer of the company or foreign company who is in default shall be guilty of an offence against this Act, as provided in Section 110(2) Companies Act 1965.

The default penalty is one thousand ringgit.

 

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