161 Registration of charges

Registration of charges

Charges must be registered. Form 34, Form 35 and Form 36 need to be lodged with the Registrar of companies as mentioned in Section 108 Companies Act 1965.

Form 34 refers to the requirements of Sections 108 and 110 of the Act where a Statement of Particulars needs to be lodged with a charge.

The other requirements for Form 34 are as follows:

1. Needs to be lodged within 30 days after the date of creation / acquisition / or property being charged

2. A charge that is lodged after 30 days from the date of creation / acquisition / or property being charged cannot be registered unless accompanied by a Court order for extension of time

3. Fees for registration of Form 34 is RM300.

4. Fees for Court order is RM50.

The Registrar will register documents that are in order and issue a Certificate of Charge (Form 40) within 5 days.

Form 35 refers to the requirements of Sections 108 (5), ( 6) and (7) where statements containing particulars of a series of debentures are provided.

The other requirements of Form 35 are as follows:

1. It need to be lodged within 30 days after the date of execution of the legal documents (instrument containing the charge)

2. Registration of a series of debentures lodged after 30 days from the date of execution of the legal documents cannot be  registered unless accompanied by a Court order for extension of time

3. Fees for registration of Form 35 is RM300.

4. Fees for the Court order is RM50.

The Registrar will register documents that are in order and issue a Certificate of Charge (Form 40) within 5 days. Form 36 applies to particulars when more than one issue is made of debentures in a series.

The other requirements of Form 36 are as follows:

1. It need to be lodged within 30 days after the date of each issue

2. Registration of a charge cannot be registered unless accompanied by a Court order for extension of time

3. Fees for registration of Form 36 is RM300.

4. Fees for the court order is RM50.

The Registrar will register documents that are in order and issue a Certificate of Charge (Form 40) within 5 days.

 

Activity 3.11
Question to activity 3.11 Suggested answers to activity 3.11

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