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which are bonds; and, if this instrument were under seal, it would be a debentures of that kind. You may have a debenture which is nothing more than an acknowledgement of indebtedness. And you may have … a statement by two directors that the company will pay a certain sum of money on a given day, and will also pay interest half-yearly at certain times and at a certain place upon production of certain coupons by the holder of the instrument. I think any of these things which I have referred to may be debentures within the Act.
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Now, what the correct meaning of ‘debenture’ is I do not know. I do not find anywhere any precise definition of it. We know that there are various kinds of instruments commonly called debentures. You may have mortgage debentures, which are charges of some kind on property. You may have debentures
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had undertaken on paper to pay the holder £100 on 30 November 1882 and pay interest half yearly at 5% pa. The paper said these were “debentures”. Meanwhile, the
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held that the instruments were debentures and therefore subject to stamp duty. They were debentures because they were documents that acknowledged a debt.
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