Section Sch7-“ 95B — Property Law Act 2007: Power to reissue redeemed debentures in certain cases

“ 95B Power to reissue redeemed debentures in certain cases “ (1) A company that has redeemed debentures previously issued by it may— “ (a) reissue the debentures; or “ (b) issue other debentures in their place. “ (2) Subsection (1) applies— “ (a) whether the debentures were redeemed before, on, or after 1 January 2008: “ (b) unless— “ (i) the company’s constitution or a contract entered into by the company contains a provision (whether express or implied) to the contrary; or “ (ii) the company has, by passing a resolution or by some other act, indicated its intention that the debentures are cancelled. “ (3) On a reissue of redeemed debentures or of other debentures in their place, the debentures are to be treated as having, and as always having had, the same priority as the redeemed debentures. “ (4) Debentures of a company deposited to secure advances from time to time (whether on current account or otherwise) are not to be treated as redeemed because the company’s account ceases to be in debit while the debentures are deposited. “ (5) Subsection (4) applies whether the debentures were deposited before, on, or after 1 January 2008. “ (6) The reissue of a debenture or the issue of another debenture in its place under this section (whether before, on, or after 1 January 2008)— “ (a) is to be treated as the issue of a new debenture for the purposes of stamp duty payable (if any); but “ (b) is not to be treated as the issue of a new debenture for the purposes of any provision limiting the amount or number of debentures to be issued. “ Compare: 1952 No 51 s 151C