# Companies Clauses Act 1863, Section 32: Application of money raised.


Money raised by debenture stock shall be applied exclusively either in paying off money due by the company on mortgage or bond, or else for the purposes to which the same money would be applicable if it were raised on mortgage or bond instead of on debenture stock.

---
Source: https://www.legislation.gov.uk/ukpga/Vict/26-27/118/section/32 (the official version)
Page: https://openlegislation.uk/companies-clauses-act-1863/section-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.