Lecture 10 - Debentures charges Reading ch 11 Overview...

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Debentures & charges Reading ch 11
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Overview Definition of debentures Types of debentures Fixed & floating charges Registration of charges
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Debentures definition s 4(1) Borrowing powers of the co. – s 19 Issue of debentures falls within the jurisdiction of the Securities Commission Types secured unsecured Approval of the SC – s.212 CMSA
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Requirements : Comply with LR Enter into a trust deed Appoint a trustee Comply with CMSA eg call for meeting with debenture holders – s 86
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Secured debentures fixed charge eg mortgage floating charge Evans v Rival Granite Quarries Aktiengesellschaft v ho Mun-Tuke Don inventory disposal in ordinary course of business Reynold Bros. V Esanda Crystallisation Re Lin Securities
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Prospectus requirements s 38 permitted names issue of equally ranking debentures trust deed prescribed contents
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  • Spring '14
  • Floating charge, Security interest, Debenture, debentures

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