Victorian Consolidated Legislation

Melbourne Market Authority Act 1977 - SECT 43

Trust to issue new debentures etc.

43. Trust to issue new debentures etc.



(1) Where an agreement under section 41 or 42 makes provision for the transfer
to the Trust of debts or liabilities of the Council, being debts or
liabilities under debentures or inscribed stock issued under the Melbourne and
Geelong Debentures and Inscribed Stock Act 1932, the Trust shall, as soon as
practicable after the appointed day, issue to the holders or registered owners
or successors in title of the holders or registered owners of those debentures
or inscribed stock, debentures or inscribed stock of the Trust in lieu of the
first-mentioned debentures or inscribed stock of the same amount, bearing the
same interest and of the same currency.

(2) Upon the issue of debentures or inscribed stock of the Trust under
subsection (1), the debentures or inscribed stock in lieu of which the issue
was made are cancelled and ceased to have any force or effect.