s 59
A condition contained in a debenture, or in a deed for securing a debenture, shall not be invalid by reason only that the debenture is thereby 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 law or equity to the contrary notwithstanding. : !! [Pt. IV, S. 60-61] debentures— 60.(1) Where an offshore company has redeemed any (a) unless any provision to the contrary, whether express or implied, is contained in any contract entered into by the company; or (b) unless the company has, by passing a resolution to that effect or by some other act, manifested its ,intention that the debentures shall be cancelled, that company shall have power to reissue the debentures, either by reissuing the same debentures or by issuing other debentures in their place, but the reissue of a debenture or the issue of one debenture in place of another under this subsection shall not be regarded as the issue of a new debenture for the purpose of any provision limiting the amount or number of debentures that may be issued by the company. (2) On the reissue of redeemed debentures, the person entitled to the debenture shall have, and shall be deemed always to have had, the same priorities as if the debentures had never been redeemed. (3) Where an offshore company has deposited any of its debentures to secure advances on current accounts or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the company's account having ceased to be in debit while the debentures remain so deposited.