s 95 Reissue of redeemed debentures
(1) Where a borrower has redeemed any debenture— (a) unless any provision to the contrary, whether express or implied, is contained in the constituent documents of the borrower or any contract entered into by the borrower; or (b) unless the borrower has shown an intention that the debenture shall be cancelled by passing a resolution to that effect or by some other act, the borrower shall have and shall be deemed to have had the power to reissue the debenture, either by reissuing the same debenture or issuing any other debenture in its place. (2) The reissue of a debenture or the issue of one debenture in place of another under subsection (1) shall not be regarded as an issue of a new debenture for the purpose of any provision limiting the amount or number of debentures that may be issued by the borrower. (3) After the reissue, the person entitled to the debenture shall have and shall be deemed to have had the same priorities as if the debenture had never been redeemed. (4) Where a borrower has deposited any of its debentures to secure advances on a current account or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the borrower having ceased to be in debit while the debentures remain so deposited. D IVISION 5 UNIT TRUST SCHEMES AND PRESCRIBED INVESTMENT SCHEMES