https://www.taxtmi.com/caselaws?id=96777 A document securing a loan over present and future fluctuating company assets can create an immediate charge if the instrument and surrounding evidence show an intention to secure the debt at once. Where the security leaves the company free to use the assets in the ordinary course of business, it is treated as a floating charge and, if not registered within the required time, is void against the liquidator. The chairman who executed the document was also treated as having implied authority to bind the company because the board had sanctioned the borrowing and he was managing its affairs. en-us Wed, 17 Aug 1938 00:00:00 +0530 Fri, 16 Mar 2012 19:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96777 A document securing a loan over present and future fluctuating company assets can create an immediate charge if the instrument and surrounding evidence show an intention to secure the debt at once. Where the security leaves the company free to use the assets in the ordinary course of business, it is treated as a floating charge and, if not registered within the required time, is void against the liquidator. The chairman who executed the document was also treated as having implied authority to bind the company because the board had sanctioned the borrowing and he was managing its affairs. Case-Laws Companies Law Wed, 17 Aug 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96777