82(1)Where a company has redeemed any debentures previously issued, the company, unless the conditions of issue expressly otherwise provide, or unless the debentures have been redeemed in pursuance of any obligation on the company so to do, not being an obligation enforceable only by the person to whom the redeemed debentures were issued, or his assigns, has power to keep the debentures alive for the purposes of re-issue and, where a company has purported to exercise such a power, the company has power to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place, and upon such a re-issue the person entitled to the debentures has the same rights and priorities as if the debentures had not previously been issued.

82(2)Where with the object of keeping debentures alive for the purpose of re-issue, they have, either before or after the passing of this Act, been transferred to a nominee of the company, a transfer from that nominee shall be deemed to be re-issue for the purposes of this section.

82(3)Where a company has deposited any of its debentures to secure advances from time to time on current account or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the company having ceased to be in debit while the debentures remained so deposited.

82(4)The re-issue of a debenture, or the issue of another debenture in its place, under the power by this section given to, or deemed to have been possessed by, a company, whether the re-issue or issue was made before or after the passing of this Act, shall not be treated as the issue of a new debenture, for the purposes of any provision limiting the amount or number of debentures to be issued.

82(5)Nothing in this section affects any power to issue debentures in the place of any debentures paid off, or otherwise satisfied or extinguished, reserved to a company by its debentures or the securities for the same.

82(1)Where a company has redeemed any debentures previously issued, the company, unless the conditions of issue expressly otherwise provide, or unless the debentures have been redeemed in pursuance of any obligation on the company so to do, not being an obligation enforceable only by the person to whom the redeemed debentures were issued, or his assigns, has power to keep the debentures alive for the purposes of re-issue and, where a company has purported to exercise such a power, the company has power to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place, and upon such a re-issue the person entitled to the debentures has the same rights and priorities as if the debentures had not previously been issued.

82(2)Where with the object of keeping debentures alive for the purpose of re-issue, they have, either before or after the passing of this Act, been transferred to a nominee of the company, a transfer from that nominee shall be deemed to be re-issue for the purposes of this section.

82(3)Where a company has deposited any of its debentures to secure advances from time to time on current account or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the company having ceased to be in debit while the debentures remained so deposited.

82(4)The re-issue of a debenture, or the issue of another debenture in its place, under the power by this section given to, or deemed to have been possessed by, a company, whether the re-issue or issue was made before or after the passing of this Act, shall not be treated as the issue of a new debenture, for the purposes of any provision limiting the amount or number of debentures to be issued.

82(5)Nothing in this section affects any power to issue debentures in the place of any debentures paid off, or otherwise satisfied or extinguished, reserved to a company by its debentures or the securities for the same.