Einführung in das Studium der Konjunktur

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Monograph

Identifikator:: 1027870953

URN:: urn:nbn:de:zbw-retromon-44841

Document type:: Monograph

Author:: Mombert, Paul http://d-nb.info/gnd/117125342

Title:: Einführung in das Studium der Konjunktur

Edition:: Zweite, verbesserte und vermehrte Auflage

Place of publication:: Leipzig

Publisher:: G. A. Gloeckner, Verlagsbuchhandlung

Year of publication:: 1925

Scope:: 1 Online-Ressource (275 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Vierter Abschnitt. Konjunkturprognose und Konjunkturpolitik

Collection:: Economics Books

108 SECRETARIAL PRACTICE Unsecured Debentures. Bearer Debentures. Debenture Stock. the debenture holders are good as against an execution creditor or general creditors of the company [Davey v. William- son (1898), 2 Q.B. 194]. But by s. 266 of the Act, a floating charge created within six months of the commencement of a winding-up is only good to the extent of the amount then actually advanced to the company, with interest at 5 per cent., unless the company was solvent at the date when the floating charge was given. A floating charge may also, by s. 78, be postponed to preferential creditors. The term ‘naked debentures’ is frequently used to describe debentures which are not secured by any charge. They are simply promises under the seal of the company to pay a certain sum. Being under seal, the debt is a specialty debt, but the holder is merely an unsecured creditor of the com- pany, and he cannot prevent the company, unless it is so provided by the conditions of the debenture, from issuing mortgage debentures which will rank in priority to his claim. The holder may bring an action against the company for the principal and interest due, and, if necessary, issue execu- tion on his judgment ; or he may present a petition for winding- up the company, either before or after obtaining judgment; or, if a winding-up is in progress, he may prove for the debt as an ordinary unsecured creditor. Debentures, whether secured by a trust deed, or by a charge, or unsecured, may be payable to the registered holder or to bearer. A debenture to bearer is a negotiable instru- ment and transferable by delivery, and is so treated by the law merchant [Bechuanaland Exploration Co. V. London Trading Bank (1898), 2 Q.B. 658]. Being a negotiable instrument, a debenture to bearer will pass on delivery free from all equities between the company and the original or intermediate holders, and the delivery by the holder to the company of the debenture and the interest coupons will be a good discharge to the company for the principal and interest respectively. " Debenture stock is a term used to denote the capital sum lent to a company, which is usually secured by a trust deed creating a mortgage or charge in favour of the trustees upon the property forming the security. The trust deed usually provides that each stockholder shall be entitled to a certificate stating the amount of the stock to which he is entitled. The trust deed further provides for a register of holders being kept, and for transfers of the stock in certain fractions, and usually contains provisions for repayment of the stock and for enforcing the charge. The incidents of debenture

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