Right of de- benture holders to
inspect the register debenture
holders and
to have copies of trust deed. Ib. s. 102.
Perpetual debentures. 8 Edw. 7 c.
69 #. 103.
Power to
re-issue re-
deemed de bentures in certain cases,
Ib. s. 104.
850
(2) If inspection of the said copies or register is refused, any officer of the company refusing inspection, and every director and mannger of the company authorising or know- ingly and wilfully permitting the refusal, shall be liable to a fue
not exceeding fifty dollars, and a further fine not exceeding twenty dollars for every day during which the refusal continues; and, in addition to the above penalty any judge of the Court sitting in chambers may by order compel an immediate inspection of the copies or register.
(3) If such inspection cannot be obtained at the registered office of the company with the exercise of a reasonable amount of diligence, the company shall be liable to the same penalties as if such inspection had been actually refused.
104.- (1) Every register of holders of debentures of a compeny shall, except when closed in accordance with the artiels during such period or periods (not exceeding in the whole thirty days in any year) as may be specified in the articles, be open to the inspection of the registered holder of any snel debentures, and of any bolder of shares in the company, but subject to such reasonable restrictions as the company may in general meeting impose, so that at least two hours in each day are appointed for inspection, and every such holder mny require a copy of the register or any part thereof on payment of twenty-five cents for every one hundred words required to be copied.
(2) A copy of any trust deed for securing any issue of debentures shall be forwarded to every holder of any such debentures at his request on payment in the ease of a printed trust deed of the sum of one dollar or such less sum as may be prescribed by the company, or, where the trust deed has not been printel, on payment of twenty-five cents for every one hundred words required to be copied.
(3) If inspection is refused, or a copy is refused or not forwarded, the company shall be liable to a fino not ex- ceeding fifty dollars, and to a further fine not exceeding twenty dollars for every day during which the refusal continnes, and every director, manager, sceretary, or other officer of the company who knowingly authorises or permits such refusal shall incur the like penalty.
(4) If such inspection cannot be obtained at the regis- tered office of the company with the exercise of a reason- able amount of diligence, the company shall be liable to the same penalties as if such inspection had been actually refused.
Debentures and Floating Charges.
105. A condition contained in any debentures or in any deed for securing any debentures, whether issued or execured before or after the passing of this Ordinance, shall not be invalid by reason only that thereby the deben- turcs are made irredeemable, or redeemable only on the happening of a contingency, however remote, or on the expiration of a period, however long, any rule of equity to the contrary notwithstanding.
100-(1) Where either before or after the passing of this Ordinance a company has redeemed any debentures pre- viously issued, the company, unless the articles or the conditions of issue expressly otherwise provide, or unless the debentures have been redeemed in pursuance of any obligation on the company so to do (not being an obliga- tion enforceable only by the person to whom the redeemed debentures were issued or his assigus), shall have power. and shall be deemed always to have had power, to keep the debentures alive for the purposes of re-issue, and where a company has purported to exercise such a power the company shall have power, and shall be deemed always to have bad power, to re-issue the debentures either by re-issuing the same debentures or by issuing other deben- tures in their place, and upon such a re-issue the person entitled to the debentures shall have, and shall be deemed always to have had, the same rights and priorities as if the debentures had not previously been issued.