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Section 130 copy of instrument creating mortgage or

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Section: 130 Copy of instrument creating mortgage or charge to be kept atregistered office:-Every company shall cause a copy of every instrument creating any mortgageor charge requiring registration under section 121 and of every instrumentevidencing modification of the terms or conditions thereof, to be kept at theregistered office of the company:Provided that,in the case of a series of uniform debentures, a copy of onesuch debenture shall be sufficient.Section: 131 Rectification of register of mortgages:-1.The Commission on being satisfied that the omission to register a mortgage orcharge within the time required by section 121, or that the omission or mis-statement of any particular with respect to any such mortgage or charge, orthe omission to give intimation to the registrar of the payment or satisfactionof a debt for which a charge or mortgage was created, was accidental or dueto inadvertence or to some other sufficient cause, or is not of a nature toprejudice the position of creditors or shareholders of the company, or that onother grounds it is just and equitable to grant relief, may, on the application ofthe company or any person interested and, on such terms and conditions asseem to the Commission just and expedient, order that the time forregistration be extended, or, as the case may be, that the omission or mis-statement be rectified, and may make such order as to the costs of theapplication as it thinks fit.2.A certified copy of the order of the Commission passed under sub- section (1)shall be filed with the registrar within twenty-one days of the date of suchorder by the company or the person on whose application it is passed.3.Where the Commission extends the time for the registration of a mortgage orcharge, the order shall not prejudice any rights acquired in respect of theproperty concerned prior to the time when the mortgage or charge is actuallyregistered.Lecture 27© Copyright Virtual University of Pakistan73
Corporate Law (MGT 612)VUReceivers & ManagersSection: 137 Registration of appointment of receiver or manager:-1.If any person obtains an order for the appointment of a receiver of, or aperson to manage, the property of a company, or appoints such a receiver orperson under any powers contained in any instrument, he shall, within fifteendays from the date of the order or of the appointment under the powerscontained in the instrument, file notice of the fact with the registrar, and theregistrar shall, on payment of the prescribed fee, enter the fact in the registerof mortgages and charges.2.If any person makes default in complying with the requirements of sub-section (1), he shall be liable to a fine not exceeding two hundred rupees forevery day during which the default continues.

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Term
Spring
Professor
Fahad Anwar
Tags
Corporation, Types of companies, Chartered company, chartered companies

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