2132
No. 58 of 1911.
Perpetual debentures.
8 Edw. 7 c. 69 s. 103.
*
Power to re-issue redeemed debentures in certain cases.
ib. s. 104.
*
COMPANIES.
require a copy of the register or any part thereof on payment of 25 cents for every 100 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 1 dollar or such less sum as may be prescribed by the company, or, where the trust deed has not been printed, on payment of 25 cents for every 100 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 exceeding 50 dollars, and to a further fine not exceeding 20 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) 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.
Debentures and Floating Charges.
105. A condition contained in any debentures or in any deed for securing any debentures, whether issued or executed before or after the commencement of this Ordinance, shall not be invalid by reason only that thereby the debentures 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.
106.-(1) Where either before or after the commencement of this Ordinance a company has redeemed any debentures previously 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 obligation 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
* As amended by No. 17 of 1912.
:
2132
No. 58 of 1911.
Perpetual debentures.
8 Edw. 7
c. 69 s. 103.
*
Power to re-issue
redeemed debentures in certain
cases.
ib. s. 104.
*
COMPANIES.
require a copy of the register or any part thereof on payment of 25 cents for every 100 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 1 dollar or such less sum as may be prescribed by the company, or; where the trust deed has not been printed, on payment of 25 cents for every 100 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 exceeding 50 dollars, and to a further fine not exceeding 20 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) 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.
Debentures and Floating Charges.
105. A condition contained in any debentures or in any deed for securing any debentures, whether issued or executed before or after the commencement of this Ordinance, shall not be invalid by reason only that thereby the debentures are made irredeemable, or redeem- able 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.
106.-(1) Where either before or after the commencement of this Ordinance a company has redeemed any debentures previously 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 obligation 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 de- bentures 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
* As amended by No. 17 of 1912.
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