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157 Duty of company to register charges existing on property acquired

Duty of company to register charges existing on property acquired

Section 110 of the Act states that it is the duty of a company to register chargers existing on property acquired as follows:

1. Where a company acquires any property with an existing charge of any such kind as would if it had been created by the company after the acquisition of the property.

2. Where a foreign company becomes registered in Malaysia and has prior to such registration created a charge which if it had been created by the company while it was registered in Malaysia.

3. Where a foreign company becomes registered in Malaysia and has prior to such registration acquired property which is subject to a charge of any such kind as would if it had been created by the company after the acquisition and while it was registered in Malaysia.

Under Section 110 of the Act, the company must make a statement of the prescribed particulars to be lodged 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 as the case may be.

If default is made in complying with Section 110, 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. The penalty is one thousand ringgit, as provided in Section 110(2) Companies Act 1965.

 

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