688. Right Of Debenture Holder To Copy Of Deed(1) Any holder of debentures of a company is entitled, on request and on payment of such fee as may be prescribed, to be provided with a copy of any trust deed for securing the debentures.(2) If default is made in complying with this section, a contravention of these Regulations is committed by every officer of the company who is in default.(3) A person who commits a contravention of this section is liable to a level 2 fine.(4) In the case of any such default the Court may direct that the copy required be sent to the person requiring it.
689. Liability Of Trustees Of Debentures(1) Any provision contained in-(a) a trust deed for securing an issue of debentures, or(b) any contract with the holders of debentures secured by a trust deed,is void in so far as it would have the effect of exempting a trustee of the deed from, or indemnifying him against, liability for breach of trust where he fails to show the degree of care and diligence required of him as trustee, having regard to the provisions of the trust deed conferring on him any powers, authorities or discretions.(2) Subsection (1) does not invalidate-(a) a release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release,(b) any provision enabling such a release to be given-(i) on being agreed to by a majority of not less than 75% in value of the debenture holders present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose, and(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.
690. Power To Re-issue Redeemed Debentures(1) Where a company has redeemed debentures previously issued, then unless-(a) provision to the contrary (express or implied) is contained in the company’s articles or in any contract made by the company, or(b) the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures shall be cancelled,the company may re-issue the debentures, either by re-issuing the same debentures or by issuing new debentures in their place.This subsection is deemed always to have had effect.(2) On a re-issue of redeemed debentures the person entitled to the debentures has (and is deemed always to have had) the same priorities as if the debentures had never been redeemed.(3) The re-issue of a debenture or the issue of another debenture in its place under this section is treated as the issue of a new debenture for the purposes of stamp duty.It is not so treated for the purposes of any provision limiting the amount or number of debentures to be issued.(4) A person lending money on the security of a debenture re-issued under this section which appears to be duly stamped may give the debenture in evidence in any proceedings for enforcing his security without payment of the stamp duty or any penalty in respect of it, unless he had notice (or, but for his negligence, might have discovered) that the debenture was not duly stamped.In that case the company is liable to pay the proper stamp duty and penalty.
691. Deposit Of Debentures To Secure Advances
Where a company has deposited any of its debentures to secure advances from time to time on current account or otherwise, the debentures are not treated as redeemed by reason only of the company’s account having eased to be in debit while the debentures remained so deposited.
692. Priorities Where Debentures Secured By Floating Charge(1) This section applies where debentures of a company registered in the Abu Dhabi Global Market are secured by a charge that, as created, was a floating charge.(2) If possession is taken, by or on behalf of the holders of the debentures, of any property comprised in or subject to the charge, and the company is not at that time in the course of being wound up, the company’s preferential debts shall be paid out of assets coming to the hands of the persons taking possession in priority to any claims for principal or interest in respect of the debentures.(3) “Preferential debts” means the categories of debts described in section 227 (preferential debts) of the Insolvency Regulations 2015.(4) Payments under this section shall be recouped, as far as may be, out of the assets of the company available for payment of general creditors.