Trades Charges Act, 1973
- Commenced on 28 September 1973
- [This is the version of this document at 31 December 1996.]
1. Short titleThis Act may be cited as the Trades Charges Act.
2. InterpretationIn this Act, unless the context otherwise requires—"bank" and "financial institution" shall have the meaning respectively assigned to those expressions in the Banking and Financial Services Act.[Cap. 387]"bulk transfer" means transfer by a person of the whole or a substantial part of his secured property otherwise than in the ordinary course of his business;"debtor", in relation to a particular floating charge, means the person identified in the register as the debtor;"parastatal corporation" means any body corporate established by an Act of Parliament; or any company (registered under section thirty-two of the Companies Act) in which more than fifty per centum of the paid-up capital is held directly or indirectly by Government;[Cap. 388]"person giving the security", in relation to a particular floating charge, means the person identified in the register as the owner of the secured property;"register" means the register maintained under subsection (2) of section four;"Registrar" means the Registrar of Trades Charges appointed under subsection (1) of section four;"secured party", in relation to a particular charge, means the bank, financial institution or parastatal corporation which is identified in the register as the creditor or its assignee;"secured property" means, with respect to a specific floating charge, the stock-in-trade or other personal property described in the register, whether or not at the time of registration such property is in existence or owned by the person giving the security and, with respect to a specific fixed charge, the property described in the register;"stock-in-trade" means any goods the person giving the security sells by way of business as defined in the Trades Licensing Act;[Cap. 393]"reserved licence" has the meaning assigned to it in section seventeen of the Trades Licensing Act;[Cap. 393]"trader" means a person who holds a reserved licence.
3. Floating and fixed charges
4. Procedure for and effect of registration of charges and the satisfaction and cancellation thereof
5. Effect of floating and fixed charges
6. Effect of fraudIf, with the intent to defraud, the person giving the security removes or suffers to be removed from his possession the secured property, or any part thereof, or obtains the cancellation of the registration of the charge, he shall be guilty of an offence and on conviction liable to a prescribed fine or to imprisonment for a prescribed period, or to both.
7. Penalty for non-disclosure or incorrect informationAny person giving security who—
History of this document
28 September 1973