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Page 193

CHAPTER 17
DEBENTURES

Simultaneous Colour Printing Syndicate v. Foweraker, [1901] 1 K. I3. 771. A company a,greed to sell goods to a syndicate on the terms that, as part payment, £3,000 debentures were issued to it. On this agreement the company allowed the syndicate to remove the goods, which were subsequently taken in execution by F. Held, although no debentures were actually issued, the company was in the same position as if they it cre issued and so had priority over F.

REGISTERED DEBENTURES
Debentures or debenture stock may be either payable to (a) the registered holder; or (b) the bearer.
The usual form of debenture payable to the registered holder is a document issued under the seal of the company and containing four clauses. The clauses are:
1. A covenant to pay the principal.
2. A covenant to pay interest.
3. A charge by the company by way of floating security on its undertaking and all its assets, including its uncalled capital. This constitutes a floating charge.
4. A statement that the debenture is issued subject to and with the benefit of the conditions endorsed thereon.

The endorsed conditions are usually to the following effect:
1. The debenture is said to be one of a series in the same form, and ranking pari passu in point of charge, with a provision, if such is required, that although the charge is a floating charge, the company will not create any mortgage ranking in priority to it.
This has the effect of putting all the debentures of that issue on an equal footing; in the absence of such a clause the debentures would rank according to their dates of issue.(33)
2. Provision is made for keeping a register of debenture holders.
(See s. 86.) A right of inspection is given by s. 87.
3. The company is not to be bound to recognise anyone as having any title to the debenture except the registered holder, and is not to be bound to enter notice of any trust in the register.
Sect. 117 of the Act, which provides that trusts are not to be entered on the register, does not apply to the register of debenture holders, and consequently such a clause is necessary. If the company does

33 Garside v. Silkatone, etc., Co. (1882), 21 Ch. D. 762.

travel books:
where is HTML where is HEAD where is TITLE Simultaneous Colour Printing Syndicate v. Foweraker, [1901] 1 K. I3. 771. A company a,greed to sell goods to a syndicate on what is terms that, as part payment, £3,000 debentures were issued to it. On this agreement what is company allowed what is syndicate to remove what is goods, which were subsequently taken in execution by F. Held, although no debentures were actually issued, what is company was in what is same position as if they it cre issued and so had priority over F. REGISTERED DEBENTURES Debentures or debenture stock may be either payable to (a) what is registered holder; or (b) what is bearer. what is usual form of debenture payable to what is registered holder is a document issued under what is seal of what is company and containing four clauses. what is clauses are: 1. A covenant to pay what is principal. 2. A covenant to pay interest. 3. A charge by what is company by way of floating security on its undertaking and all its assets, including its uncalled capital. This constitutes a floating charge. 4. A statement that what is debenture is issued subject to and with what is benefit of what is conditions endorsed thereon. what is endorsed conditions are usually to what is following effect: 1. what is debenture is said to be one of a series in what is same form, and ranking pari passu in point of charge, with a provision, if such is required, that although what is charge is a floating charge, what is company will not create any mortgage ranking in priority to it. This has what is effect of putting all what is debentures of that issue on an equal footing; in what is absence of such a clause what is debentures would rank according to their dates of issue.(33) 2. Provision is made for keeping a register of debenture holders. (See s. 86.) A right of inspection is given by s. 87. 3. what is company is not to be bound to recognise anyone as having any title to what is debenture except what is registered holder, and is not to be bound to enter notice of any trust in what is register. Sect. 117 of what is Act, which provides that trusts are not to be entered on what is register, does not apply to what is register of debenture holders, and consequently such a clause is necessary. If what is company does 33 Garside v. Silkatone, etc., Co. (1882), 21 Ch. D. 762. 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 193 where is strong CHAPTER 17 DEBENTURES where is p align="justify" Simultaneous Colour Printing Syndicate v. Foweraker, [1901] 1 K. I3. 771. A company a,greed to sell goods to a syndicate on what is terms that, as part payment, £3,000 debentures were issued to it. On this agreement what is company allowed what is syndicate to remove what is goods, which were subsequently taken in execution by F. Held, although no debentures were actually issued, what is company was in what is same position as if they it cre issued and so had priority over F. REGISTERED DEBENTURES Debentures or debenture stock may be either payable to (a) the registered holder; or (b) what is bearer. what is usual form of debenture payable to what is registered holder is a document issued under what is seal of what is company and containing four clauses. what is clauses are: 1. A covenant to pay what is principal. 2. A covenant to pay interest. 3. A charge by what is company by way of floating security on its undertaking and all its assets, including its uncalled capital. This constitutes a floating charge. 4. A statement that what is debenture is issued subject to and with what is benefit of what is conditions endorsed thereon. what is endorsed conditions are usually to what is following effect: 1. what is debenture is said to be one of a series in what is same form, and ranking pari passu in point of charge, with a provision, if such is required, that although what is charge is a floating charge, what is company will not create any mortgage ranking in priority to it. This has what is effect of putting all what is debentures of that issue on an equal footing; in what is absence of such a clause what is debentures would rank according to their dates of issue.(33) 2. Provision is made for keeping a register of debenture holders. (See s. 86.) A right of inspection is given by s. 87. 3. what is company is not to be bound to recognise anyone as having any title to what is debenture except what is registered holder, and is not to be bound to enter notice of any trust in what is register. Sect. 117 of what is Act, which provides that trusts are not to be entered on what is register, does not apply to what is register of debenture holders, and consequently such a clause is necessary. If what is company does 33 Garside v. Silkatone, etc., Co. (1882), 21 Ch. D. 762. where is Server.Execute("_SiteMap.asp") %

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