Section 739 | Perpetual debentures

(1)A condition contained in debentures, or in a deed for securing debentures, is not invalid by reason only that the debentures are made—

(a)irredeemable, or

(b)redeemable only—

(i)on the happening of a contingency (however remote), or

(ii)on the expiration of a period (however long),

any rule of equity to the contrary notwithstanding.

(2)Subsection (1) applies to debentures whenever issued and to deeds whenever executed.