Generally when a company enters into a loan agreement with another person, another company or a bank, the company (chargor) is required to grant charge over a certain security for example, a house, a car, all company assets, company shares; etc.  Usually a lawyer (hired by the chargee-one accepting the charge) would prepare a charge instrument of over that security outlining what the company (chargor) can and can not do, whilst the security is under this charge.

The forms to register a charge are Forms 24 – Notice of Registration of a Charge and Form 25 – Notice of Compliance with Stamp Duties Act.  A charge is provisional registered by lodging a Form 24 without the Form 25.  Once a charge is registered provisionally the Form 25 must be lodged within two months from the date of provisional registration.  

The processing fee to lodge the Form 24 is K25 if within two months from the date of creation of the charge and K125 if lodged more than two months after the date of creation.  If the Form 25 is lodged together with the Form 24 there is no fee associated to it.  However, if the Form 25 is lodged after a Form 24 is registered provisionally then a processing fee would apply on the Form 25.

The creation of a charge instruments is subject to the requirements of the Stamp Duties Act with the Internal Revenue Commission (IRC) and so this must be paid before lodging the forms.  However, a charge can be registered provisionally whilst stamp duty requirements is sorted out.  The provisional registration period of a charge is two months.  

Once a registered company charge has been satisfied (paid off) it must be discharged from the charge registry by submitting a Notice of Partial or Total Satisfaction of Registered Charge (Form 31) or Notice of Release or Disposal of Charged Property (Form 32). 

Download Forms

Form 24 . Notice for Registration of Charge
Form 25 . Certificate of Compliance with Stamp Duties Act
Form 31 . Notice of Partial or Total Satisfaction of Registered Charge
Form 32 . Notice of Release or Disposal of Charged Property

The Forms are in PDF format which can be viewed/printed with the free Adobe Acrobat Reader.