Right of deben-
ture holders and
shareholders to
inspect register
of debenture
holders and to
have copies of
trust deed.

Perpetual
debentures.

z
=.

SECRETARIAL PRACTICE
Special Provisions as to Debentures.

73.—(1) Every register of holders of debentures of a company
shall, except when duly closed, be open to the inspection of the
registered holder of any such debentures, and of any holder of
shares in the company, but subject to such reasonable restrictions
as the company may in general meeting impose, so that not less
than two hours in each day shall be allowed for inspection.

For the purposes of this subsection, a register shall be deemed
to be duly closed if closed in accordance with provisions contained
in the articles or in the debentures or, in the case of debenture stock,
in the stock certificates, or in the trust deed or other document
securing the debentures or debenture stock, during such period or
periods, not exceeding in the whole thirty days in any year, as
may be therein specified.

(2) Every registered holder of debentures and every holder of
shares in a company may require a copy of the register of the holders
of debentures of the company or any part thereof on payment of
sixpence for every hundred words required to be copied.

(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 in the case of a printed trust deed of the sum
of one shilling or such less sum as may be prescribed by the company,
or, where the trust deed has not been printed, on payment of six-
pence for every hundred words required to be copied.

(4) Ifinspection 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 not exceeding five pounds, and further
shall be liable to a default fine of two pounds.

(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.

74. A condition contained in any debentures or in any deed for
securing any debentures, whether issued or executed before or
after the commencement of this Act, shall not be invalid by reason
only that the debentures are thereby made irredeemable or redeem-
able 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.
Power to re- 75.—(1) Where either before or after the commencement of this
igh Dadesmed Act a company has redeemed any debentures previously issued,
certain cases. then— .

(4) 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
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.