Compantes. [Ch. 31. No. 1.

(3) Where a company has power to re-issue deben-
tures which have been redeemed, particulars with respect
to the debentures which can be so re-issued shall be included
in every balance sheet of the company.

(4) Where a company has either before or after the
passing of this Ordinance deposited any of its debentures to
secure advances from time to time on current account or
otherwise, the debentures shall not be deemed to have been
redeemed by reason only of the account of the company
having ceased to be in debit whilst the debentures. remained
so deposited.

(5) The re-issue of a debenture or the issue of another
debenture in its place under the power by this section given
to, or deemed to have been possessed by, a company,
whether the re-issue or issue was made before or after the
passing of this Ordinance, shall be treated as the issue of a
new debenture for the purposes of stamp duty, but it shall
not be so treated for the purposes of any provision limiting
the amount or number of debentures to be issued:

Provided that any person lending money on the security
of a debenture re-issued under this section which appears to
be duly stamped may give the debenture in evidence in any
proceedings for enforcing his security without payment of
the stamp duty or any penalty in respect thereof, unless he
had notice or, but for his negligence, might have discovered
that the debenture was not duly stamped, but in any such
case the company shall be liable to pay the proper stamp
duty and penalty.

(6) Where any debentures which have been redeemed
before the date of the commencement of this Ordinance are
re-issued subsequently to that date, the re-issue of the
debentures shall not prejudice any right or priority which
any person would have had under or by virtue of any
mortgage or charge created before the date of the commence-
ment of this Ordinance, if section 104 of the Companies
Ordinance (Cap. 180—1925 Revised Laws) as originally
enacted, had been enacted in this Ordinance instead of this
section.

77. A contract with a company to take up and pay for
any debentures of the company may be enforced by an order
for specific performance.

381

Specific
performance
of contracts
to subscribe
for deben-
tures.