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in the "term" of the charge under Section 135. Hence in such a case, no return need to be filed under the said section in such case, the Registrar of Companies need not insist on the company filing Form No. 14 under Section 135. (Letter: No. 8/14 (135)/65-CL-V dated 13.9.1965). (H) Modification registration of charge in the event of change in law Whether requires

So long as the terms or conditions or the extent of operation of any chargeis modified for whatever reason, the provisions of Section 135 would become applicClble. Therefore, even in case of modification of charges without any mutual agreement between the parties thereto, namely, as a result of a change in law, the provisions of Section 135 become attracted. (Letter: No. 8/42 (135)/66-CL-V dated 25.11.1966).

SELF-TEST (These are meant for recapitulation to be submitted for evaluation). 1. 2. 3. Define mortgage.

QUESTIONS only Answers to these questions are not

State the various types of mortgages. of a mortgage?

What are the essentials

What is a charge? Enumerate the statutory provisions for their registration State the circumstances under which certain charges may be void against the liquidator or the creditors of company. What information must be entered in the register of charges maintained by the company? What is the effect of a failure to register a charge? Can a floating circumstances? Distinguish (a) (b) charge become fixed charge? If so, under what

4. 5. 6.

between: and Charge a Floating Charge is crystallised? charges. of charges? of non-registration

Fixed and Floating Charge Mortgage

7. 8. 9. 10.

Under what circumstances What are consequences Write short notes on: (a) (b) Satisfaction Modification Readings: Act of Charges

Discuss various types of registerable

of Charges.

Suggested 1. 2

Guide to Companies Company Law -

A Ramaiya.

P P S. Gogna.

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STUDY XI FINANCIAL ALLOTMENT STRUCTURE AND MEMBERSHIP - VI

AND CERTIFICATES

OF SECURITIES

Allotment of Shares "Allotment" of shares means the act of appropriation by the Board of directors of the company out of the previously un-appropriated capital of a company of a certain number of shares to persons who have made applications for shares (In Re Calcutta Stock Exchange Association, AI R 1957 Cal. 438). It is on allotment that shares come into existence. The re-issue of forfeited shares does not constitute appropriation out of unappropriated capital, and therefore is not an allotment within the meaning of Section 75(1) of the Companies Act, 1956 and a company need not file return in Form No.2 in respect of the re-issue of forfeited shares. What is termed allotment is generally neither more or less than the acceptance by the company of the offer to take shares [Re. Florence Land & Public Works Ltd. (1885) 29 Ch. 421]. Notice of Allotment An allotment is the acceptance of an offer to take shares by an applicant, and like any other acceptance it must be communicated. Thus. a binding contract between the company and the applicant could emerge only when the allotment is made by a resolution of the Board of directors and notice of such allotment has been given to the allottee. If the notice (i.e. the Allotment Advice/Letter of Allotment) is posted to the proper address of the allottee, the contract will result even if the allotment letter does not reach him or is delayed in post. It should be noted that the allotment and its communication result in a contract between the company ana the allottee. The allottee does not automatically become a member of the company, until his name is placed on the register of members. Contracts to subscribe General Principles for shares, debentures and other securities

are not

registration. void against maintained charge? nder What

Regarding Allotment should

With regard to the allotment of shares, the following general principles be observed in addition to the statutory provisions, discussed hereafter:

(1) The allotment should be made by proper authority, i.e. the Board Directors of the company, or a committee authorised to allot shares on behalf of the Board. Allotment made without proper authority will be invalid. Allotment of shares made by an irregularly constituted Board of directors shall be invalid [Changa Mal v. Provisional Bank (1914) ILR 36 All 412]. 417