Malawi
Commercial Credits Act
Chapter 48:06
- Assented to on 10 December 1970
- Commenced on 10 December 1970
- [This is the version of this document at 31 December 2014.]
- [Note: This version of the Act was revised and consolidated in the Fifth Revised Edition of the Laws of Malawi (L.R.O. 1/2018), by the Solicitor General and Secretary for Justice under the authority of the Revision of the Laws Act.]
1. Short title
This Act may be cited as the Commercial Credits Act.2. Interpretation
In this Act, unless the context otherwise requires—“business proprietor” means any person (not being an incorporated company or society) who, as the owner or occupier of any premises, carries on trade or business therein as a retailer or wholesaler;“commercial charge” means a charge under this Act;“designated institution” means a bank, company, statutory body or society designated by the Minister, by notice published in the Gazette, to be a designated institution for purposes of this Act;“register” means the register provided for in section 7 and “registered” bears a corresponding meaning;“trading assets” includes shop goods, stock in trade, plant and utensils used in any trade or business and any money or things in action employed or received in the course of any trade or business but does not include any real property or landlord’s fixtures.[24 of 1972]3. Commercial charges on trading assets
4. Effect of fixed charge
5. Effect of floating charge
A commercial charge creating a floating charge shall have the like effect as if the charge had been created by a duly registered debenture issued by a company:Provided that—6. Supplemental provisions as to commercial charges
7. Registration of commercial charges
8. Frauds by business proprietors
If, with intent to defraud, a business proprietor who has created a commercial charge—9. Regulations
The Minister may make Regulations for the better carrying out of the purposes and provisions of this Act and without prejudice to the generality of the foregoing such regulations may provide for—History of this document
31 December 2014 this version
Consolidation
10 December 1970
Assented to
Commenced