Company’s register of charges

(1) A limited company shall keep a register of charges and security agreements and record in it—
(a) all charges and security rights specifically affecting property of the company; and
(b) all floating charges on the whole or part of the property or undertaking of the company.
(2) The company shall ensure that the record referred to in subsection (1) gives in each case—
(a) a short description of the property charged;
(b) the amount secured by the charge or the security right; and
(c) except in the cases of securities to bearer, the names of the persons entitled to it.
(3) If a limited company fails to comply with subsection (1) or (2), the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding five hundred thousand shillings.
(4) If, after a company or any of its officers has been convicted of an offence under subsection (3), the company continues to fail to comply with subsection (1) or (2) (whichever is applicable), the company, and each officer of the company who is in default, commit a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding fifty thousand shillings for each such offence.