Section 95A — Companies Act 1993: Perpetual debentures

95A Perpetual debentures (1) A term that is expressed in a debenture or in a deed securing a debenture, issued or executed by a company, is not invalid by reason only that it provides that the debenture is— (a) irredeemable; or (b) redeemable only on the happening of a contingency, however remote, or on the expiration of a period, however long. (2) This section applies despite anything to the contrary in section 97 of the Property Law Act 2007 or in any rule of law or equity. Compare: 1952 No 51 s 151B Section 95A: inserted, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).