| Commentary

9 Property which cannot be charged

| Commentary

9 Property which cannot be charged

Certain property of a company cannot be charged:

  1. 9.1

        reserve capital created under the Companies Act 1985 Sections 120 and 1241;

  2. 9.2

        the guarantee fund of a company limited by guarantee2; and

  3. 9.3

        as against a liquidator, books and documents of a company (which ought to be kept at the registered office of the company), except such as relate exclusively to the debenture holders’ security3.

Moreover, future calls of capital can only be charged expressly or by necessary implication. It is not every power which will carry with

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