Section 120 - Copies of charges to be kept by company

(1) A company shall keep a copy of every instrument creating a charge of which particulars require to be registered under sections 110 to 113, at the registered office of the company and at any other office in Ghana at which the register of debenture holders is kept; but in the case of a series of uniform debentures, a copy of one debenture of the series is sufficient.

(2) The copies are open to inspection during usual business hours, subject to the reasonable restrictions that the company in general meeting may impose.

(3) For the purposes of subsection (2), not less than two hours in each day, other than a Saturday, a Sunday and a public holiday, shall be allowed for inspection by

(a) a member or creditor of the company without a fee, and

(b) any other person on payment of a fee, prescribed by the company for each inspection.

(4) Where a company defaults in complying with subsection (1), or if inspection of the copies is refused, the company and every officer of the company that is in default is liable on summary conviction to a fine of not less than two hundred and fifty penalty units and not more than five hundred penalty units, and in the event of refusal, the Court may compel an immediate inspection of the copies.