Section Sch7-“ 95A — Property Law Act 2007: 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