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Page 191

CHAPTER 17
DEBENTURES

Trust Deed.-Debentures and debenture stock are often secured by means of a trust deed. The effect of such a deed is to convey the property charged to trustees for the debenture holders, and the charge may take the form of a fixed or a floating charge, or both.
The advantages of a trust deed are:
1. The legal estate in property is transferred to the trustees, which prevents subsequent advances from obtaining priority over the debentures secured by the trust deed.
2. Events are specified on the happening of which the principal money and interest becomes payable, e.g., non-payment of interest or non-performance of the covenants in the deed, and the appointment of trustees ensures that there are definite persons whose duty it is to attend to the interests of the debenture holders.
3. The company is given a number of powers over the property comprised in the charge which it can exercise with the consent of the trustees, e.g., of sale, exchange or leasing. This enables the company to use the property advantageously for the purposes of its business without prejudicing the interests of the debenture holders.
4. Covenants entered into by the company for insurance, repair and other matters can be enforced by the trustees.
5. Provisions are made for summoning meetings of the debenture holders and for resolutions to be passed at debenture holders' meetings.
6. Power can be given to the trustees to enter and carry on the business of the company in case of urgency.

Trustees for debenture holders are usually remunerated. They are in the same position towards their beneficiaries as any other trustees, and cannot purchase the debentures, the subject of the deed, without making full disclosure of all the information relating to them which is in their possession. (30) Any provision in a trust deed exempting the trustees for debenture holders from liability for negligence is void. The trustees may be released from liability by a release given after the liability has arisen, and a provision in a trust deed for giving such a release by a majority of not less than three-fourths of the debenture

30 Re Magadi Soda Co. (1925), 41 T. L. R. 297.

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where is HTML where is HEAD where is TITLE Trust Deed.-Debentures and debenture stock are often secured by means of a trust deed. what is effect of such a deed is to convey what is property charged to trustees for what is debenture holders, and what is charge may take what is form of a fixed or a floating charge, or both. what is advantages of a trust deed are: 1. what is legal estate in property is transferred to what is trustees, which prevents subsequent advances from obtaining priority over what is debentures secured by what is trust deed. 2. Events are specified on what is happening of which what is principal money and interest becomes payable, e.g., non-payment of interest or non-performance of what is covenants in what is deed, and what is appointment of trustees ensures that there are definite persons whose duty it is to attend to what is interests of what is debenture holders. 3. what is company is given a number of powers over what is property comprised in what is charge which it can exercise with what is consent of what is trustees, e.g., of sale, exchange or leasing. This enables what is company to use what is property advantageously for what is purposes of its business without prejudicing what is interests of what is debenture holders. 4. Covenants entered into by what is company for insurance, repair and other matters can be enforced by what is trustees. 5. Provisions are made for summoning meetings of what is debenture holders and for resolutions to be passed at debenture holders' meetings. 6. Power can be given to what is trustees to enter and carry on what is business of what is company in case of urgency. Trustees for debenture holders are usually remunerated. They are in what is same position towards their beneficiaries as any other trustees, and cannot purchase what is debentures, what is subject of what is deed, without making full disclosure of all what is information relating to them which is in their possession. (30) Any provision in a trust deed exempting what is trustees for debenture holders from liability for negligence is void. what is trustees may be released from liability by a release given after what is liability has arisen, and a provision in a trust deed for giving such a release by a majority of not less than three-fourths of what is debenture 30 Re Magadi Soda Co. (1925), 41 T. L. R. 297. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 191 where is strong CHAPTER 17 DEBENTURES where is p align="justify" Trust Deed.-Debentures and debenture stock are often secured by means of a trust deed. what is effect of such a deed is to convey what is property charged to trustees for what is debenture holders, and what is charge may take what is form of a fixed or a floating charge, or both. what is advantages of a trust deed are: 1. what is legal estate in property is transferred to what is trustees, which prevents subsequent advances from obtaining priority over what is debentures secured by what is trust deed. 2. Events are specified on what is happening of which what is principal money and interest becomes payable, e.g., non-payment of interest or non-performance of what is covenants in what is deed, and what is appointment of trustees ensures that there are definite persons whose duty it is to attend to what is interests of what is debenture holders. 3. what is company is given a number of powers over what is property comprised in what is charge which it can exercise with what is consent of what is trustees, e.g., of sale, exchange or leasing. This enables what is company to use what is property advantageously for what is purposes of its business without prejudicing what is interests of what is debenture holders. 4. Covenants entered into by what is company for insurance, repair and other matters can be enforced by what is trustees. 5. Provisions are made for summoning meetings of what is debenture holders and for resolutions to be passed at debenture holders' meetings. 6. Power can be given to what is trustees to enter and carry on the business of what is company in case of urgency. Trustees for debenture holders are usually remunerated. They are in what is same position towards their beneficiaries as any other trustees, and cannot purchase what is debentures, what is subject of what is deed, without making full disclosure of all what is information relating to them which is in their possession. (30) Any provision in a trust deed exempting what is trustees for debenture holders from liability for negligence is void. what is trustees may be released from liability by a release given after what is liability has arisen, and a provision in a trust deed for giving such a release by a majority of not less than three-fourths of what is debenture 30 Re Magadi Soda Co. (1925), 41 T. L. R. 297. where is Server.Execute("_SiteMap.asp") %

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