a)Outline the information that is required when registering a charge. (8 marks)
b)In July 2001, Muungano Ltd obtained an overdraft from a bank upon deposit of title deeds and the execution of a memorandum of charge the memorandum was executed in due form by the company but left undated. The overdraft continued and subsequently the manager of the bank filled in the date as 10th January 2002. The memorandum was then registered with the registrar of company’s on 31st January 2002 and the registrars certificate to that effect was duly issued.Discuss the validity of the charge.
(12 marks)
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