Section 174, The Companies Act, 2009

(1) Where, at the date of commencement of this Act acompany has property on which there is a charge particulars of which would require registration if it had been created by the company after the date of the commencement then, unless the charge has been discharged or the property has ceased to be held by the company prior to the expiration of 6 months from the date of the commencement, the company shall, within that time, cause particulars of the charge to be delivered to the Commission for registration together with the document, if any, by which the charge was created or copy thereof, certified as required. (2) Every existing company shall, prior to the expiration of 6 months from the commencement of this Act, deliver to the Commission for registration a statutory declaration made by a director and the secretary of the company stating whether or not there are any charges on the company’s property of which particulars required to be registered under this section and confirming that particulars of any such charges have been duly delivered to the Commission for registration. (3) In the event of default in complying with subsection (2), the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine of Le500,000 for each day during which the default continues. (4) Failure to comply with the provisions of this section shall not affect the validity of the charge.