20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 43

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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

Right of de- benture holders to inspect the register of debenture holders and to have copies of trust deed.

S Edw. 7 c.

69 s. 12.

Perpetual debentures. Ib. s. 103.

Power to

re-issue re- deemed de- bentures in certain cuses. Ib. s. 1'4.

(2) If inspection of the said copies or register is refused, any officer of the company refusing inspection, and every director and manager of the company authorising or know- ingly and wilfully permitting the refusal, shall be liable to a fine 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 au 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 Le liable to the same penalties as if such inspection had been actually refused.

104.-(1) Every register of holders of debentures of a company shall, except when closed in accordance with the articles 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 such debontures, and of any holder of shares in the company, bat subject to sneh 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 may require a copy of the te̱rister 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 case 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 printed, 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 fine not ex- ceeding fifty dollars, and to a further fine not exceeding twenty dollars for every day during which the refusal continues, and every director, manager, secretary, or other officer of the company who knowingly authorises or permits such refusal shall incur the like penalty.

(4) 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 shali be liable to the same penalties as if such inspection had been actually refused.

Debentures and Floating Charges,

or

105. A condition contained in any debentures or in any deed for securing any debentures, whether issued executed before or after the passing of this Ordinance, shall not be invalid by reason only that thereby the deben- tures are made irredeemable, or redeemable only on the happening of a contingency, however remote, or on the expiration of a period, however long, auy rule of equity to the contrary notwithstanding,

108-(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 (uot being an obliga- tion enforceable only by the person to whom the redeemed debentures were issued or his assigns), 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 had 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.