Sardar Carbonic Gas Co. vs Sher-I-Punjab Tading Co. And Ors. on 6 August, 1976
In re Tewkesbury Gas Company Tysoe v.
The Company 1911 2 Ch.279, a company had issued a
series of debentures each of which contained a
covenant by the company that it would 'on or after'
January 1, 1898, pay to' the registered holder of the
debenture the principal sum thereby secured. The
debenture then stated as follows: "The debentures to be
paid off will be determined by ballot, and six calendar
months' notice will be given by the company of the
debentures drawn for payment." The company never
paid off any of the debentures or held any ballot.