Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_260hc
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 260HC
Character Range: 139201–139758

260HC  Duty to inform trustee about charges

  If the guarantor 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, give the trustee written details of:
 (i) the amount of each advance made within 7 days after it is made; or
 (ii) where the advances are merged in a current account with bankers, trade creditors or anyone else—the net amount outstanding on the advances at the end of every 3 months.