Section 739 Perpetual debenturesC1

(1)

A condition contained in debentures, or in a deed for securing debentures, is not invalid by reason only that the debentures are made—

(a)

irredeemable, or

(b)

redeemable only—

(i)

on the happening of a contingency (however remote), or

(ii)

on the expiration of a period (however long),

any rule of equity to the contrary notwithstanding.

(2)

Subsection (1) applies to debentures whenever issued and to deeds whenever executed.

Annotations

C1: Ss. 738-742 applied (with modifications) (1.10.2009) by The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 (S.I. 2009/1804), regs. 2, 20

C1: Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
C2: Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2