The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009

Special rules about debentures: charge in series of debentures

14.—(1) Where a series of debentures containing, or giving by reference to another instrument, any charge to the benefit of which debenture holders of that series are entitled pari passu is created by a company, it is for the purposes of regulation 10 sufficient if the following particulars, together with a certified copy of the instrument containing the charge (or, if there is no such instrument, a certified copy of one of the debentures of the series), are delivered to the registrar before the end of the period allowed for registration.

(2) The required particulars are—

(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 instrument (if any) by which the series is created or defined,

(c) a general description of the property charged, and

(d) the names of the trustees (if any) for the debenture holders.

(3) In the case of a floating charge created under the law of Scotland, the required particulars include a statement as to any provisions of the charge and of any instrument relating to it—

(a) 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

(b) which vary or otherwise regulate the order of ranking of the floating charge in relation to subsisting securities.

(4) 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.