678. Meaning Of “Debenture”
In these Regulations “debenture” includes debenture stock, loan stock, bonds and any other securities of a company, whether or not constituting a charge on the assets of the company.
679. Perpetual Debentures(1) A condition contained in debentures, or in a deed for securing debentures, is not invalid by reason only that the debentures are made-(a) irredeemable, or(b) redeemable only-(i) on the happening of a contingency (however remote), or(ii) on the expiration of a period (however long),any rule of equity to the contrary notwithstanding.(2) Subsection (1) applies to debentures whenever issued and to deeds whenever executed.
680. Enforcement Of Contract To Subscribe For Debentures
A contract with a company to take up and pay for debentures of the company may be enforced by an order for specific performance.
681. Registration Of Allotment Of Debentures(1) A company must register an allotment of debentures as soon as practicable and in any event within two months after the date of the allotment.(2) If a company fails to comply with this section, a contravention of these Regulations is committed by-(a) the company, and(b) every officer of the company who is in default.(3) A person who commits a contravention of this section is liable to a level 2 fine.(4) For the duties of the company as to the issue of the debentures, or certificates of debenture stock, see Part 20 (certification and transfer of securities)