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COMPANIES CLAUSES ACT 1863 - SECT 22

22. Where any company, incorporated either before or after the passing of
this Act for the purpose of carrying on any undertaking, is authorized by any
special Act hereafter passed, and incorporating this part of this Act, to
create and issue debenture stock,then and in every such case the company, with
the sanction of such proportion of the votes of the shareholders and
stockholders entitled to vote in that behalf at meetings of the company,
present (personally or by proxy) at a meeting of the company specially
convened for the purpose, as is prescribed in the special Act, and, if no
proportion is prescribed, then of three fifths of such votes, may from time to
time raise all or any part of the money which for the time being they have
raised or are authorized to raise, on mortgage or bond, by the creation and
issue, at such times, in such amounts and manner, on such terms, subject to
such conditions, and with such rights and privileges, as the company thinks
fit, of stock to be called debenture stock, instead of and to the same amount
as the whole or part of the money which may for the time being be owing by the
company on mortgage or bond, or which they may from time to time have power to
raise on mortgage or bond, and may attach to the stock so created such fixed
and perpetual preferential interest..., payable half-yearly or otherwise, and
commencing at once, or at any future time or times, when and as the debenture
stock is issued, or otherwise as the company thinks fit.

© 1863 Crown Copyright

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