COMPANIES ACT - 1963 (ACT 179)

    Section - 108 - Charges to Secire Fluctuating Amounts

    Where a charge, particulars of which require registration under section 107 of this Code is expressed to secure all sums due or to become due or some other uncertain or fluctuating amount, the particulars required under paragraph (c) of subsection (4) of the said section 107 shall state the maximum sum deemed to be secured by such charge, being the maximum sum covered by the stamp duty paid thereon, and such charge shall be void, so far as any security on the company's property is thereby conferred, as respects any excess over the stated maximum:

    Provided that, if,

    (a) additional stamp duty is subsequently paid on such charge; and

    (b) at any time thereafter prior to the commencement of the winding up of the company amended particulars of the said charge stating the increased maximum sum deemed to be secured thereby, together with the original instrument by which the charge was created or evidenced, are delivered to the Registrar for registration,

    then, as from the date of such delivery the charge, if otherwise valid, shall be effective to the extent of such increased maximum sum except as regards any person who, prior to the date of such delivery, has acquired any proprietary rights in, or a fixed or floating charge on, the property subject to the charge.