Co-operative and Community Benefit Societies Act 2014

59 Charges on assets of English and Welsh societies

(1) This section applies to an instrument executed by a registered society whose registered office is in England or Wales which creates or is evidence of a fixed or floating charge on assets of the society.

(2) If an application for the recording of the charge is made in accordance with subsection (3), the instrument is not a bill of sale for the purposes of the Bills of Sale Acts 1878 and 1882 and is not invalidated by those Acts.

(3) An application is made by delivering to the FCA (by post or otherwise), within the period of 21 days beginning with the date of execution of the instrument (subject to any extension under section 60)—

(a) a copy of the instrument, authenticated in the manner directed by the FCA,

(b) such additional particulars relating to the charge as may be required by the FCA, authenticated in the manner directed by the FCA, and

(c) the appropriate fee.

(4) If an application is made in accordance with subsection (3), the FCA must—

(a) give the person who makes the application an acknowledgment of the application, bearing the FCA’s seal,

(b) place the copy of the instrument included in the application, a note of any particulars included in it, and a copy of the acknowledgement on a file kept by the FCA in respect of the society, and

(c) make the file available for inspection during office hours by members of the public on payment of the appropriate fee.

(5) “The appropriate fee” means the fee required by rules made in accordance with paragraph 23 of Schedule 1ZA to the Financial Services and Markets Act 2000.

(6) This section does not apply to a debenture registered under section 14 of the Agricultural Credits Act 1928 (debenture of registered society creating floating charge over farming stock).