§ 96 — Reissue of redeemed debentures

96.—(1) Where a company has redeemed any debentures whether before or after 29 December 1967 —(a)

unless any provision to the contrary, whether express or implied, is contained in the constitution or 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 are to be cancelled,

the company has and is deemed always to have had 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, whether the reissue or issue was made before or after that date, is not to 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.

[36/2014]

(2) After the reissue the person entitled to the debentures has and is deemed always to have had the same priorities as if the debentures had never been redeemed.

(3) Where a company has either before or after 29 December 1967 deposited any of its debentures to secure advances on current account or otherwise, the debentures are not deemed to have been redeemed by reason only of the account of the company having ceased to be in debit while the debentures remain so deposited.

—(1) Where a company has redeemed any debentures whether before or after 29 December 1967 —(a)

unless any provision to the contrary, whether express or implied, is contained in the constitution or 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 are to be cancelled,

the company has and is deemed always to have had 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, whether the reissue or issue was made before or after that date, is not to 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.

[36/2014]

(2) After the reissue the person entitled to the debentures has and is deemed always to have had the same priorities as if the debentures had never been redeemed.

(3) Where a company has either before or after 29 December 1967 deposited any of its debentures to secure advances on current account or otherwise, the debentures are not deemed to have been redeemed by reason only of the account of the company having ceased to be in debit while the debentures remain so deposited.