Part 25Company charges
Chapter 2Companies registered in Scotland
Special rules about debentures
882Charge in series of debentures
1
Where 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 pari passu, is created by a company, it is sufficient for purposes of section 878 if the required particulars, together with a copy of the deed containing the charge (or, if there is no such deed, of one of the debentures of the series) are delivered to the registrar before the end of the period allowed for registration.
2
The following are the required particulars—
a
the total amount secured by the whole series,
b
the dates of the resolutions authorising the issue of the series and the date of the covering deed (if any) by which the security is created or defined,
c
a general description of the property charged,
d
the names of the trustees (if any) for the debenture-holders, and
e
in the case of a floating charge, a statement of any provisions of the charge and of any instrument relating to it which prohibit or restrict or regulate the power of the company to grant further securities ranking in priority to, or pari passu with, the floating charge, or which vary or otherwise regulate the order of ranking of the floating charge in relation to subsisting securities.
3
Where more than one issue is made of debentures in the series, particulars of the date and amount of each issue of debentures of the series must be sent to the registrar for entry in the register of charges.
4
Failure to comply with subsection (3) does not affect the validity of any of those debentures.
5
Subsections (2) to (6) of section 878 apply for the purposes of this section as they apply for the purposes of that section but as if for the reference to the registration of the charge there was substituted a reference to the registration of the series of debentures.