(1)No company shall issue a prospectus or a letter of offer to the public for subscription of its debentures, unless the company has, before such issue, appointed one or more debenture trustees for such debentures and the company has, on the face of the prospectus or the letter of offer, stated that the debenture trustee or trustees have given their consent to the company to be so appointed:Provided that no person shall be appointed as a debenture trustee, if he-(a)beneficially holds shares in the company;(b)is beneficially entitled to moneys which are to be paid by the company to the debenture trustee;(c)has entered into any guarantee in respect of principal debts secured by the debentures or interest thereon.
