Section 59
of International Business Companies Order, 2000
Section 59
(1)
Subject to any relevant modification and to this Order, an IBC shall have power to issue debentures on such terms and conditions as it thinks fit and in particular but without limiting the generality of the foregoing may issue debentures –
(a)
constituting a charge on any or all the assets of the IBC;
(b)
convertible from debentures into shares in the IBC.
(2)
The debt payable under any debenture whether sealed or signed on behalf of the company shall be a specialty debt of the IBC and where issued by a branch shall be located at that branch.
(3)
Subject to the provisions of this section every IBC which issues debentures shall keep and maintain –
(a)
a register of debentures at the registered office of the IBC in Brunei
Darussalam;
(b)
a copy of all the terms of Debentures issued by the IBC with the register of holders of debentures at that registered office.
(4)
An IBC may cause to be kept in any place outside Brunei Darussalam a branch register of debentures, and branch register of an IBC shall be kept in the same manner in which the principal register is required to be kept.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
62
BLUV as at 20th June 2017