204 SECRETARIAL PRACTICE
Register of
Debentures
Holders.

Redemption
of
Debentures.

Transfers.

Besides the above register, a company may keep a register
of debenture holders. The Act does not compel a company
to keep a register of debenture holders, but unless the deben-
tures are all payable to bearer a register is in practice neces-
sary. By s. 73 of the Act, the register (if any) must be open
to the inspection both of the debenture holders themselves
and of shareholders of the company, except when closed in
accordance with provisions contained in the articles of the
company or in the debentures or debenture stock certificates,
or in the trust deed or other document securing the debentures
or debenture stock for a period or periods not exceeding
thirty days in any year. Inspection must be permitted for
at least two hours in every day. A debenture holder or share-
holder may require a copy of the register or any part of it on
payment of sixpence for every hundred words required to be
copied. He may also require a copy of a trust deed which
has not been printed on payment at the same rate, or a copy
of a printed trust deed on payment of a sum not exceeding one
shilling. If inspection or copies are refused the company and
its officers are liable to penalties, and the Court may by order
compel the company to comply.

A register of debentures or debenture stock should be
kept substantially in the same style as a share register.
See Appendix F, Form 28.

Specimens of a Mortgage Debenture Stock Certificate and
of a Debenture Stock Certificate will be found in Forms
4 and 5.

When a debenture is paid off by the company, a formal
receipt should be taken from the debenture holder, releasing
the company from all claims in respect of the debenture,
which should be surrendered to the company for cancellation.
A certificate for debenture stock should similarly be sur-
rendered. A form of Redemption Receipt is also given
(Form 37).

Although there is no statutory obligation to lodge with the
Registrar a memorandum of satisfaction of a mortgage or
charge, the Registrar may, on evidence being given to his
satisfaction that the debt for which the charge was given has
been paid or satisfied, direct the entry on the register of a
memorandum of satisfaction [s. 84], and it is clearly to the
interest of a company that this should be done. For the
appropriate forms, see Companies (Forms) Order, 1929, Form 49.

Transfers of registered debentures are effected in the
manner provided by the conditions of the debenture, and
on registration of the transfer the name and address of the
new holder is indorsed on the debenture.