Section 123: Perpetual debentures
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
123. Perpetual debentures
Notwithstanding any other enactment, a condition contained in a debenture or in an agency deed for securing a debenture, whether the debenture or
agency deed is issued or made before or after the commencement of this
Act, shall not be invalid by reason that the debentures are thereby made
irredeemable only on the happening of a contingency, however remote, or on
the expiration of a period however long.
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Questions this section answers
- Can a debenture be valid even if it is only repayable on a very remote event?