Versions

 

690. Power to re-issue redeemed debentures

Past version: effective from 21/10/2015 - 20/10/2015
To view other versions open the versions tab on the right

(1) Where an LLP has redeemed debentures previously issued, then unless —
(a) provision to the contrary (express or implied) is contained in any contract made by the LLP, or
(b) the LLP has, by making a determination to that effect or by some other act, manifested its intention that the debentures shall be cancelled,
the LLP 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.