(1)Where either before or after the commencement of this Act, a company has redeemed any debentures previously issued, then,-(a)unless any provision to the contrary, whether express or implied, is contained in the articles, or in the conditions of issue, or in any contract entered into by the company; or(b)unless 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 shall have, and shall be deemed always to have had, the right to keep the debentures alive for the purposes of re-issue; and in exercising such a right, the company shall have, and shall be deemed always to have had, power to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place.
