Companies Act 1967 · 2020 Revised Edition · Part 4 · Shares, Debentures and Charges
96. Reissue of redeemed debentures
Last amended by an amending law of 2014.
Official textFrom Singapore Statutes Online, unchanged
Where a company has redeemed any debentures whether before or after 29 December 1967 —
company
“company” means a company incorporated under this Act or under any corresponding previous written law;
unless any provision to the contrary, whether express or implied, is contained in the constitution or in any contract entered into by the company; or
unless the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures are to be cancelled,the company has and is deemed always to have had power to reissue the debentures, either by reissuing the same debentures or by issuing other debentures in their place but the reissue of a debenture or the issue of one debenture in place of another under this subsection, whether the reissue or issue was made before or after that date, is not to be regarded as the issue of a new debenture for the purpose of any provision limiting the amount or number of debentures that may be issued by the company.
After the reissue the person entitled to the debentures has and is deemed always to have had the same priorities as if the debentures had never been redeemed.
Where a company has either before or after 29 December 1967 deposited any of its debentures to secure advances on current account or otherwise, the debentures are not deemed to have been redeemed by reason only of the account of the company having ceased to be in debit while the debentures remain so deposited.
Terms defined in s 4
company
Defined · s 4“company” means a company incorporated under this Act or under any corresponding previous written law;
constitution
Defined · s 4“constitution”, in relation to a company, means —(a)the constitution of the company which is registered with the Registrar under section 19, as may be amended from time to time; and(b)in the case of a company incorporated before 3 January 2016, the memorandum of association of the company, the articles of association of the company, or both, in force immediately before that date;
debenture
Defined · s 4“debenture” includes debenture stock, bonds, notes and any other securities of a corporation whether constituting a charge on the assets of the corporation or not, but does not include —(a)a cheque, letter of credit, order for the payment of money or bill of exchange;(b)subject to the regulations, a promissory note having a face value of not less than $100,000 and having a maturity period of not more than 12 months;(c)for the purposes of the application of this definition to a provision of this Act in respect of which any regulations made thereunder provide that the word “debenture” does not include a prescribed document or a document included in a prescribed class of documents, that document or a document included in that class of documents, as the case may be;
Part 5
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Financial Statements and Audit
Part 7
Arrangements, Reconstructions and Amalgamations
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Part 8A
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Investigations
Part 10
Dissolution
Part 10A
Transfer of Registration
Part 11
Various Types of Companies, Etc.
Part 11A
Register of Controllers, Nominee Directors and Nominee Shareholders of Companies
Part 12