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Page 188

CHAPTER 17
DEBENTURES

Floating Charge.-The distinction between a specific charge and a floating charge is that a specific charge fastens on ascertained and definite property and prevents the company from dealing with that property without the consent of the holders of the charge, while a floating charge does not fasten on any definite property but is a charge on property which is constantly changing and can be dealt with by the company in the ordinary course of its business; such a charge only becomes a fixed charge on the happening of an event which causes it to crystallise.
The characteristics of a floating charge are:
1. It is an equitable charge on the assets of the company for the time being.
2. It attaches to the property charged in the varying condition in which it happens to be from time to time.
3. It remains dormant until the undertaking charged ceases to be a going concern, or until the person in whose favour it is created intervenes. (15) When this happens it is said to crystallise and becomes fixed.
4. Although it is an immediate and continuing charge, until it becomes fixed the company can deal with the property charged in the ordinary course of business.
It has been held that a company can sell its undertaking if the memorandum gives power to do so, and the debenture holders cannot prevent such a sale if the company remains a going concern;(16) similarly, a company with three branches may sell one of the three. (17)
It follows from the nature of a floating charge that a company can create specific mortgages ranking in priority to a floating charge.(18)
If, however, the floating charge provides that the company is not to create any mortgage or charge ranking pari passu with or in priority to the floating charge, any mortgagee taking with notice of this provision will be postponed to the floating charge. But in spite of such a provision, the holder of a specific charge will obtain priority over a floating charge if
(a) having a legal mortgage, he obtains his charge without notice

travel books:
where is HTML where is HEAD where is TITLE Floating Charge.-The distinction between a specific charge and a floating charge is that a specific charge fastens on ascertained and definite property and prevents what is company from dealing with that property without what is consent of what is holders of what is charge, while a floating charge does not fasten on any definite property but is a charge on property which is constantly changing and can be dealt with by what is company in what is ordinary course of its business; such a charge only becomes a fixed charge on what is happening of an event which causes it to crystallise. what is characteristics of a floating charge are: 1. It is an equitable charge on what is assets of what is company for what is time being. 2. It attaches to what is property charged in what is varying condition in which it happens to be from time to time. 3. It remains dormant until what is undertaking charged ceases to be a going concern, or until what is person in whose favour it is created intervenes. (15) When this happens it is said to crystallise and becomes fixed. 4. Although it is an immediate and continuing charge, until it becomes fixed what is company can deal with what is property charged in what is ordinary course of business. It has been held that a company can sell its undertaking if what is memorandum gives power to do so, and what is debenture holders cannot prevent such a sale if what is company remains a going concern;(16) similarly, a company with three branches may sell one of what is three. (17) It follows from what is nature of a floating charge that a company can create specific mortgages ranking in priority to a floating charge.(18) If, however, what is floating charge provides that what is company is not to create any mortgage or charge ranking pari passu with or in priority to what is floating charge, any mortgagee taking with notice of this provision will be postponed to what is floating charge. But in spite of such a provision, what is holder of a specific charge will obtain priority over a floating charge if (a) having a legal mortgage, he obtains his charge without notice where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 188 where is strong CHAPTER 17 DEBENTURES where is p align="justify" Floating Charge.-The distinction between a specific charge and a floating charge is that a specific charge fastens on ascertained and definite property and prevents what is company from dealing with that property without what is consent of what is holders of what is charge, while a floating charge does not fasten on any definite property but is a charge on property which is constantly changing and can be dealt with by what is company in what is ordinary course of its business; such a charge only becomes a fixed charge on the happening of an event which causes it to crystallise. what is characteristics of a floating charge are: 1. It is an equitable charge on what is assets of what is company for the time being. 2. It attaches to what is property charged in what is varying condition in which it happens to be from time to time. 3. It remains dormant until what is undertaking charged ceases to be a going concern, or until what is person in whose favour it is created intervenes. (15) When this happens it is said to crystallise and becomes fixed. 4. Although it is an immediate and continuing charge, until it becomes fixed what is company can deal with what is property charged in what is ordinary course of business. It has been held that a company can sell its undertaking if the memorandum gives power to do so, and what is debenture holders cannot prevent such a sale if what is company remains a going concern;(16) similarly, a company with three branches may sell one of what is three. (17) It follows from what is nature of a floating charge that a company can create specific mortgages ranking in priority to a floating charge.(18) If, however, what is floating charge provides that what is company is not to create any mortgage or charge ranking pari passu with or in priority to what is floating charge, any mortgagee taking with notice of this provision will be postponed to what is floating charge. But in spite of such a provision, what is holder of a specific charge will obtain priority over a floating charge if (a) having a legal mortgage, he obtains his charge without notice where is Server.Execute("_SiteMap.asp") %

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