Section 3: Powers of debenture holders’ representative

3. Powers of debenture holders’ representative (1) On the execution of an agency deed, the debenture debt shall, where the deed so provides, vest as it is created in the debenture holders’ representative and thereupon he shall— (a) have power to act in his own name on behalf of the debenture holders; (b) be entitled to represent them in all matters affecting the debentures and their rights and obligations under the deed; and (c) notwithstanding the generality of the foregoing powers, be able to— (i) take title in his own name to any property charged by the borrowing company under the deed; (ii) require inscription of the deed in accordance with section 126; (iii) notwithstanding any other law be registered on behalf of the debenture holders in any register of movable or immovable property, the entry in the register to be made in his own name followed by the words “as the debenture holder’s representative under an agency deed dated the “ (iv) hold any document of title, certificate or other security conferring or evidencing the title or interest of the borrowing company in or otherwise relating to the property charged by the deed; (v) take or defend legal proceedings in his own name on behalf of the debenture holders in relation to any matter connected with the protection of their interest in the assets of the borrowing company and their rights and obligations under the deed; (vi) enter into any contract, compromise or arrangement in his own name on behalf of the debenture holders; (vii) represent the debenture holders, in person or by proxy, at a meeting of the borrowing company, or of creditors of the borrowing company or at any other meeting which the debenture holders have a right to attend; (viii) appoint, in terms of the deed, a receiver with power— (A) to take possession of the assets of the borrowing company which are subject to the charge; (B) to sell such assets and otherwise enforce any claim against the assets of the borrowing company; and (C) to carry on any part of the business of the company with a view to preserving any part of the business of the company and selling it or realising the assets on favourable terms. [Issue 1] C35 – 228 Revised Laws of Mauritius (2) Every company shall at the request of a debenture holder and on payment of the fee specified in item 2 of the Third Schedule forward to him a copy of an agency deed relating to or securing any issue of debentures held by him.