CAF-7 Ch-7 Mortgages and charges

CAF-7 | Ch-7 | Mortgages and Charges

CAF-7 Ch-7 Mortgages and charges

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CAF-7 Company Law Quiz offered for the ICAP CA students.

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Question 1 of 10

1. Question
1 points

Category: CAF7
The Companies Act 2017 requires certain charges (including mortgage and pledge) that must be registered. Choose the one which is not required to be registered.
- a floating charge on the undertaking or property of the company, including stock-in-trade
- a mortgage or charge on book debts of the company
- the promissory note was given to secure the payment of any book debts of a company
- a charge on the goodwill or on any intellectual property
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Question 2 of 10

2. Question
1 points

Category: CAF7
A charge was created on the property of KLM Limited on 30 June 2021. What is the latest date by which such charge must be registered?
- 7 July 2021
- 30 July 2021
- 15 July 2021
- 31 July 2021
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Question 3 of 10

3. Question
1 points

Category: CAF7
A charge was created in UAE on the property situated in UAE belonging to JKL Limited on 30 June 2021. The documents posted from UAE to Pakistan take 3 days in the ordinary course of post. What is the latest date by which such charge must be registered?
- 30 July 2021
- 2 August 2021
- 8 August 2021
- 15 August 2021
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Question 4 of 10

4. Question
1 points

Category: CAF7
If a charge is not registered:
- The relevant loan need not be repaid at all.
- The mortgage or charge would be void against the liquidator and creditors of the company.
- The mortgage or charge would be valid against the liquidator of the company.
- The mortgage or charge would be valid against the creditors of the company.
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Question 5 of 10

5. Question
1 points

Category: CAF7
Which of the following is correct with respect to duty or right as to registration of mortgages and charges?
- Only the borrowing company can file the mortgage or charge for registration and shall bear the cost of registration.
- Only the charge-holder can file the mortgage or charge for registration and shall bear the cost of registration.
- Either the borrowing company or the charge-holder can file the mortgage or charge for registration and such company or charge-holder, as the case may be, shall bear the cost of registration.
- Either the borrowing company or the charge-holder can file the mortgage or charge for registration and borrowing company shall bear the cost of registration.
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Question 6 of 10

6. Question
1 points

Category: CAF7
A company shall give intimation of the payment or satisfaction in full, of any mortgage or charge to the registrar in the manner specified, within a period of:
- 15 days from the date of such payment or satisfaction.
- 30 days from the date of such payment or satisfaction.
- 30 days from the date of passing the special resolution.
- 15 days from the date of passing the special resolution.
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Question 7 of 10

7. Question
1 points

Category: CAF7
Which of the following is incorrect in relation to satisfaction of mortgages and charges?
- The registrar may record the satisfaction of the charge even when no intimation has been received by him from the company.
- The registrar shall send notice to charge-holder to show cause as to why the satisfaction of charge may not be recorded as intimated to him regardless of whether a no-objection certificate on behalf of holder is furnished by the company with the intimation.
- If no cause is shown by the charge-holder of the mortgage or charge, the registrar shall accept the memorandum of satisfaction and make an entry in the register of charges kept by him.
- If any cause is shown by charge holder, the registrar shall record a note to that effect in the register of charges and shall inform the company.
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Question 8 of 10

8. Question
1 points

Category: CAF7
The Commission shall grant relief on being satisfied that the omission or misstatement in registration of mortgages and charges:
- is not of a nature to prejudice the position of creditors or shareholders of the company.
- was accidental or due to inadvertence or to some other sufficient cause.
- on grounds, it is just and equitable to do so.
- Anyone or more of the above.
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Question 9 of 10

9. Question
1 points

Category: CAF7
In relation to rectification or registration of mortgages and charges, the Commission, on such terms and conditions as seem to the Commission just and expedient, may order:
- that the omission or misstatement be rectified.
- that the time for filing the required particulars be extended.
- as to the costs of the application as it thinks fit.
- Anyone or more of the above.
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Question 10 of 10

10. Question
1 points

Category: CAF7
A company did not maintain a proper register of mortgages and charges and a charge registered with the registrar was omitted from the register maintained by the company. Which of the following is not a consequence thereof:
- The charge shall become void against the liquidator and creditors of the company.
- Such violation shall be an offence punishable under the Act.
- Any officer in default shall be liable to a penalty of level 1 on the standard scale.
- None of the above options is correct as all of the above are consequences according to the Companies Act, 2017.
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