COMPANIES ACT, 1929 
503 
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. 
(3) Where a company has power to re-issue debentures 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 Act 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 Act, 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 Act 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 
commencement of this Act, if section one hundred and four of the 
Companies (Consolidation) Act, 1908, as originally enacted, had 
been enacted in this Act instead of this section. 
3 Edw. 7. c. 69. 
76. A contract with a company to take up and pay for any Specific perform- 
debentures of the company mav be enforced by an order for specific anes of conieaeis 
performance. debentures. 
77. It is hereby declared that, notwithstanding anything con- 
tained in the statute of the Scots Parliament of 1696, chapter 
twenty-five, debentures to bearer issued in Scotland are valid and 
binding according to their terms. 
Validity of 
lebentures to 
dearer in Scot. 
land.