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251.   Contents of charge statements

Revised Laws of Saint Lucia (2022)

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251.   Contents of charge statements

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    (1)   Subject to subsections (2) and (3), the statement referred to in section 250 shall contain the following particulars—

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      (a)     the date of the creation of the charge;

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      (b)     the nature of the charge;

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      (c)     the amount secured by the charge, or the maximum sum deemed to be secured by the charge in accordance with section 255;

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      (d)     short particulars of the property charged;

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      (e)     the persons entitled to the charge; and

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      (f)     in the case of a floating charge, the nature of any restriction on the power of the company to grant further charges ranking in priority to, or equally with, the charge thereby created.

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    (2)   Where a company creates a series of debentures containing or giving by reference to any other instrument any charge to the benefit of which the debenture holders of that series are entitled equally, it is sufficient if there is lodged with the Registrar for registration, within 28 days after the execution of the instrument containing the charges, or, if there is no such instrument, after the execution of the first debenture of the series, a statement containing the following—

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      (a)     the total amount secured by the whole series;

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      (b)     the dates of the resolutions authorising the issue of the series and the date of any covering instrument by which the security interest is created or defined;

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      (c)     the name of any trustee for the debenture holders; and

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      (d)     the particulars specified in subsections (1)(b), (1)(d) and (1)(f).

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    (3)   The statement referred to in subsection (2) shall be accompanied by the instrument containing the charge or a copy of that instrument and a statutory declaration verifying the execution of the instrument and verifying the copy to be a true copy; but, if there is no such instrument, the statement shall be accompanied by a copy of one of the debentures of the series and a statutory declaration verifying the copy to be a true copy.

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