Section 2, The Borrowers and Lenders Act, 2014

(1) Subject to section 15 of the Act, there is herebyestablished a Collateral Registry as a unit or department within the Bank responsible for the registration of security interests on movable property, judgments and orders issued subject to paragraph (c) of subsection (2) of section 31 of the Act. (2) Notwithstanding the generality of sub-regulation (1), the Collateral Registry shall- (a) not conduct scrutiny of the content of forms or search requests, and shall not make any changes to the content of a form or search request; Establishment of Collateral Registry. 2 3 (b) assign a registration number to a registered initial form and associate all amendment and discharge forms which contain that registration number with the initial registered form; (c) record information in the forms submitted by registrants into the Registry record without delay and in the order in which each form was submitted; (d) record the date and time on which information in a form is entered into the Registry record; (e) not amend or delete information contained in the Registry record; (f) remove a registered form from the Registry record only upon the expiration of the period of effectiveness; (g) archive information removed from the Registry record for 5 years in accordance with subsection (4) of section 30 of the Anti- Money Laundering and Combating of Financing of Terrorism Act, 2012 in a manner that enables the information to be retrieved by the Registrar; and (h) preserve information contained in the Registry record and reconstruct it in the event of loss or damage. (3) The Collateral Registry shall allow holders of user accounts to electronically attach files to initial and amendment forms. (4) Electronic access to the Collateral Registry services shall be available at all times and where the Registrar considers that it is not practical to provide access to the services, the Registrar may (a) refuse access to the Collateral Registry services; or (b) otherwise suspend its operation, in whole or in part. (5) Where the Registrar refuses access to the Collateral Registry services, or otherwise suspends its operation in whole or in part, the Registrar shall publish a notice or otherwise notify the users giving details of the refusal or other suspension of operation.