s 739 Perpetual debentures
(1) A condition contained in debentures, or in a deed for securing debentures, is not invalid by reason only that the debentures are made— (a) irredeemable, or (b) redeemable only— (i) on the happening of a contingency (however remote), or (ii) on the expiration of a period (however long), any rule of equity to the contrary notwithstanding. (2) Subsection (1) applies to debentures whenever issued and to deeds whenever executed.