Section 200 CAMA 2020
Power to re-issue redeemed debentures in certain cases
(1) Where either before or after the commencement of this Act, a company has redeemed any debenture previously issued, unless—
(a) any provision, express or implied, to the contrary is contained in the articles or in any contract entered into by the company ; or
(b) the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures shall be cancelled, the company shall have, and shall be deemed always to have had, power to re-issue the debentures, either by re-issuing the same debentures or by
issuing other debentures in their place.
(2) On a re-issue of redeemed debentures, the person entitled to the debentures, shall have, and shall be deemed always to have had, the same priorities as if the debentures had never been redeemed.
(3) Where a company has, either before or after the commencement of this Act, deposited any of its debentures to secure advances, from time to time, on current account or otherwise, the debenture shall not be deemed to have been redeemed by reason only of the account of the company having
ceased to be in debit, whilst the debentures remained so deposited.
(4) The re-issue of a debenture or the issue of another debenture in its place under this section shall be treated as the issue of a new debenture for the purposes of stamp duty, but it shall not be so treated for the purposes of any provision limiting the amount or number of debentures to be issued.
(5) Any person lending money on the security of a debenture re-issued under this section which appears to be duly stamped, may give the debenture in evidence in any proceeding for enforcing his security without payment of the stamp duty or any penalty in respect thereof, unless he had notice of, or
but for his negligence, might have discovered, that the debenture was not duly stamped, but in any such case the company is liable to pay the proper stamp duty and penalty.
(6) Nothing in this section shall prejudice any power to issue debentures in place of any debenture paid off or otherwise satisfied or extinguished which, by its debentures or the securities for the same, is reserved to a company.
