Section 83 - Issue of debentures or debenture stock

(1) A company may raise a loan capital by the issue of a debenture or of a series of debentures or of debenture stock.

(2) Debentures of the same series shall rank at the same rate in all respects although they may be issued on different dates.

(3) Instead of issuing debentures acknowledging separate loans to the company, the loans may be funded by the creation of debenture stock of a prescribed amount parts of which, represented by debenture stock certificates, may be issued to separate holders.

(4) Debenture stock shall be created by deed under the common seal of the company or certified by the signatures of two directors and the Company Secretary in the form of a deed poll or of an indenture in favour of trustees for debenture stockholders.

(5) A debenture holder is not a member of the company and, despite a provision in the debenture or the constitution of the company, is not entitled to attend and vote at a general meeting of the company.