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Page 197

CHAPTER 17
DEBENTURES

Bearer debentures are transferable by delivery, and no stamp duty is payable on transfer. Interest is payable by means of the coupons which are cut off and presented for payment to the company's bankers when the date of payment arrives.

RE-ISSUE OF REDEEMED DEBENTURES
Sometimes debentures are issued on the terms that the company is bound to redeem a certain number each year by drawings, or that it is bound to set aside a sinking fund for redemption purposes. When debentures have been so redeemed, the company can re-issue them or issue other debentures in their place, unless (s. 90):
1. The company, in its articles or otherwise, has contracted not to re-issue them; or
2. The company has shown an intention to cancel the debentures, by passing a resolution to that effect, or by some other act.
On a re-issue of redeemed debentures, the person entitled to them has the same priorities as if the debentures had never been redeemed. The date of redemption of the re-issued debentures cannot be later than that of the original debentures.(36)
Particulars of all debentures redeemed but which can be re-issued must be included in the balance sheet.
Re-issued debentures are treated as new debentures for the purpose of stamp dnty (s. 90).

PERPETUAL DEBENTURES
Debentures are not invalid because they are irredeemable or redeemable on the happening of a contingency, however remote, or on the expiration of a period, however long (s. 89).
Knightsbridge Estates Trust, Ltd. v. Byrne, [1940] A. C. 613. A company mortgaged seventy-five houses and other properties to secure £31Q000 repayable by instalments over forty years. There was no right of redemption before the forty years expired. Held, the mortgage was a debenture and valid under s. 74 [now s. 89].
The issue of perpetual debentures amounts to the granting of a perpetual annuity. (37) If it is secured by a floating charge, the security will be enforceable on the company going into liquidation. (38)
The equitable doctrine against clogging the equity of redemption applies to a floating charge secured by debentures. The debentures

36 Re Antofagasta and Bolivia By., [1939] Ch. 732.
37 Re Southern Brazilian Rio Grande do Sul By., [1905] 2 Ch. 78.
38 Hodson v. Tea Co. (1880), 14 Ch. D. 859.

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where is HTML where is HEAD where is TITLE Bearer debentures are transferable by delivery, and no stamp duty is payable on transfer. Interest is payable by means of what is coupons which are cut off and presented for payment to what is company's bankers when what is date of payment arrives. RE-ISSUE OF REDEEMED DEBENTURES Sometimes debentures are issued on what is terms that what is company is bound to redeem a certain number each year by drawings, or that it is bound to set aside a sinking fund for redemption purposes. When debentures have been so redeemed, what is company can re-issue them or issue other debentures in their place, unless (s. 90): 1. what is company, in its articles or otherwise, has contracted not to re-issue them; or 2. what is company has shown an intention to cancel what is debentures, by passing a resolution to that effect, or by some other act. On a re-issue of redeemed debentures, what is person entitled to them has what is same priorities as if what is debentures had never been redeemed. what is date of redemption of what is re-issued debentures cannot be later than that of what is original debentures.(36) Particulars of all debentures redeemed but which can be re-issued must be included in what is balance sheet. Re-issued debentures are treated as new debentures for what is purpose of stamp dnty (s. 90). PERPETUAL DEBENTURES Debentures are not invalid because they are irredeemable or redeemable on what is happening of a contingency, however remote, or on what is expiration of a period, however long (s. 89). Knightsbridge Estates Trust, Ltd. v. Byrne, [1940] A. C. 613. A company mortgaged seventy-five houses and other properties to secure £31Q000 repayable by instalments over forty years. There was no right of redemption before what is forty years expired. Held, what is mortgage was a debenture and valid under s. 74 [now s. 89]. what is issue of perpetual debentures amounts to what is granting of a perpetual annuity. (37) If it is secured by a floating charge, what is security will be enforceable on what is company going into liquidation. (38) what is equitable doctrine against clogging what is equity of redemption applies to a floating charge secured by debentures. what is debentures 36 Re Antofagasta and Bolivia By., [1939] Ch. 732. 37 Re Southern Brazilian Rio Grande do Sul By., [1905] 2 Ch. 78. 38 Hodson v. Tea Co. (1880), 14 Ch. D. 859. 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 197 where is strong CHAPTER 17 DEBENTURES where is p align="justify" Bearer debentures are transferable by delivery, and no stamp duty is payable on transfer. Interest is payable by means of what is coupons which are cut off and presented for payment to what is company's bankers when what is date of payment arrives. RE-ISSUE OF REDEEMED DEBENTURES Sometimes debentures are issued on what is terms that what is company is bound to redeem a certain number each year by drawings, or that it is bound to set aside a sinking fund for redemption purposes. When debentures have been so redeemed, what is company can re-issue them or issue other debentures in their place, unless (s. 90): 1. what is company, in its articles or otherwise, has contracted not to re-issue them; or 2. what is company has shown an intention to cancel what is debentures, by passing a resolution to that effect, or by some other act. On a re-issue of redeemed debentures, what is person entitled to them has what is same priorities as if what is debentures had never been redeemed. what is date of redemption of what is re-issued debentures cannot be later than that of what is original debentures.(36) Particulars of all debentures redeemed but which can be re-issued must be included in what is balance sheet. Re-issued debentures are treated as new debentures for what is purpose of stamp dnty (s. 90). PERPETUAL DEBENTURES Debentures are not invalid because they are irredeemable or redeemable on what is happening of a contingency, however remote, or on the expiration of a period, however long (s. 89). Knightsbridge Estates Trust, Ltd. v. Byrne, [1940] A. C. 613. A company mortgaged seventy-five houses and other properties to secure £31Q000 repayable by instalments over forty years. There was no right of redemption before what is forty years expired. Held, what is mortgage was a debenture and valid under s. 74 [now s. 89]. what is issue of perpetual debentures amounts to what is granting of a perpetual annuity. (37) If it is secured by a floating charge, what is security will be enforceable on what is company going into liquidation. (38) what is equitable doctrine against clogging what is equity of redemption applies to a floating charge secured by debentures. what is debentures 36 Re Antofagasta and Bolivia By., [1939] Ch. 732. 37 Re Southern Brazilian Rio Grande do Sul By., [1905] 2 Ch. 78. 38 Hodson v. Tea Co. (1880), 14 Ch. D. 859. where is Server.Execute("_SiteMap.asp") %

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