Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_260ge
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 260GE
Character Range: 130653–131270

260GE  Duty to inform trustee about charges

  If the borrower creates a charge, it must:
 (a) give the trustee written details of the charge within 21 days after it is created; and
 (b) if the total amount to be advanced on the security of the charge is indeterminate and the advances are not merged in a current account with bankers, trade creditors or anyone else—give the trustee written details of the amount of each advance within 7 days after it is made.

Note: If the advances are merged in a current account the borrower must give the trustee the details in the quarterly report (see subsection 260GF(4)).