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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 90

Saving, in case of re-issued debentures, of rights of certain mortgagees.

90. Whereas by section one hundred and four of the Companies (Consolidation)
Act, 1908, it was provided that, upon the re-issue of redeemed debentures, the
person entitled to the debentures should have the same rights and priorities
as if the debentures had not previously been issued:

And whereas section forty-nine of the Companies Act (Northern Ireland), 1930,
amended the said section one hundred and four so as to provide (amongst other
things) that the said person should have the same priorities as if the
debentures had never been redeemed, but saved, in the case of debentures
redeemed before, but re-issued after, the date of the commencement of that Act
(that is to say, the first day of January, nineteen hundred and thirty-three),
the rights and priorities of persons under mortgages and charges created
before that date:

Now, therefore, where any debentures which were redeemed before the said first
day of January have been re-issued after that day and before the commencement
of this Act, or are re-issued after the commencement of this Act, the re-issue
of the debentures shall not prejudice and shall be deemed never to have
prejudiced any right or priority which any person would have had under or by
virtue of any such mortgage or charge as aforesaid if the said section one
hundred and four, as originally enacted, had been enacted in this Act instead
of section eighty-nine.

© 1960 Crown Copyright

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