(1)
It is the duty of a company to send to the Commission for registration, the particulars of every charge created by the company and of the issues of debentures of a series requiring registration under section 222, but registration of any such charge may be effected on the application of any person interested therein.
(2)
Where registration is effected on the application of a person other than the company, that person is entitled to recover from the company the amount of any fees properly paid by him to the Commission on the registration.
(3)
If any company defaults in sending to the Commission for registration, the particulars of any charge created by the company or of the issues of debentures of a series requiring registration, unless the registration has been effected on the application of some other person, the company and each officer of the company who is in default commits an offence and are liable to such penalty as may be prescribed by the Commission.