a limited banking company
OT
851
(2) Where with the object of keeping debentures alive for the purpose of re-issue they have either before or after the passing of this Ordinance Feen transferred to a nominee of the company, a transfer from that nominee shall be deemed to be a re-issue for the purposes of this section.
(3) Where a company has either before or after the passing of this Ordinarce deposited any of its debentures to secure advances from time to time en current recount or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the company having resid to be in debit whilst the debentures remained so deposited.
(4) The re-issue of a debenture or the issue of another debenture in its ! lace under the power by this section, given to, or deemed to have been possessed by, a company, whether the re-issue was made before or after the passing of this Ordinance, shall be treated as the issue of a new debenture for the purposes of stamp duty, but it shall not be so treated for the purposes of any provision limiting the anicunt or number of debentures to be issued :
Provided that any person lending money on the security of a debenture re-issued under this section which appears to be duly stamped may give the debenture in evidence in any proceedings for enforcing his security without payment of the stamp duty or any penalty in resteer thereof, unless he had notice or, but for his regligence, might have dis- covered, that the debenture was not duly stamped, but in any such case the company shall be liable to pay the proper stamp duty and penalty,
(5) Nothing in this section shall prejudice—
(a) the operation of any judgment or order of a court of competent jurisdiction pronounced or made before the date of the coming into operation of this Ordinance as between the parties to the proceedings in which the judg- nent was pronounced er the order inade, and any appeal from any such judgment or order shall be decided as if this Ordinance had not been passed; or
(b) any power to issue debentures in the place of any debentures paid off or otherwise satisfied or extinguished, reserved to a company by its debentures or the securities for the same.
107. A contract with a company to take up and pay Specific per- for any debentures of the company may be enforced by an formance of order for specific performance.
contract to subscribe for debentures.
8 Edw. 7 c.
69 s. 105.
Payments of certain debts
out of assets subject to floating
108.-(1) Where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property com- prised in or subject to the charge, then, if the company charge in is not at the time in course of being wound up, the debts priority to which in every winding-up are under the provisions of claim under Part IV of this Crdinance relating to preferential pay- s. 107, ments to be paid in priority to all other debts, shall be paid forthwith out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from the date of the appointment of the receiver or of possession being taken as aforesaid, as the case may be.
(3) Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of general creditors,
Statement to be published by Banking and certain ́other Companies.
the charge.
statement in
109.—(1) Every company being [] an insurance company Certain or a deposit, provident, or benefit society shall, before it companies commences business, and also on the first Monday in to publish February and the first Tuesday in August in every year schedule. during which it carries on business, make a statement in b. s. 108. the form marked C in the First Schedule to this Ordinance as near thereto as circumstances will admit,
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