380

Ch. 31. No. 1.] Companies.

 

Perpetual

debentures.

Power to
re-issue
redeemed
debentures
in certain
cases.

(3) A copy of any trust deed for securing any issue of
debentures shall be forwarded to every holder of any such
debentures at his request on payment of twelve cents for
every hundred words required to be copied.

(4) If inspection is refused, or a copy is refused or not
forwarded, the company and every officer of the company
who is in default shall be liable to a fine of twenty-five
dollars, and further shall be liable to a default fine of ten
dollars.

(5) Where a company is in default as aforesaid, the
Court may by order compel an immediate inspection of the
register or direct that the copies required shall be sent to the
person requiring them.

75. A condition contained in any debentures or in any
deed for securing any debentures, whether issued or exe-
cuted before or after the commencement of this Ordinance,
shall not be invalid by reason only that the debentures are
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 equity
to the contrary notwithstanding.

76. (1) Where either before or after the commencement
of this Ordinance a company has redeemed any debentures
previously issued, then—

(a) unless any provision to the contrary, whether
express or implied, is contained in the articles or in any
contract entered into by the company, or

(6) 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,

the company shall have, and shall be deemed always to have
had, power to re-issue the debentures, either by re-issuing
the same debentures or by issuing other debentures in their
place.

(2) On a re-issue of redeemed debentures the person
entitled to the debentures shall have, and shall be deemed
always to have had, the same priorities as if the debentures
had never been redeemed.